1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index gained 0.1% to close at 11,898.0. Gains were led by the Real
Estate and Banks & Financial Services indices, rising 0.4% and 0.3%,
respectively. Top gainers were QNB Group and Barwa Real Estate Co., rising
2.2% and 1.9%, respectively. Among the top losers, Qatar Islamic Bank fell
2.7%, while Doha Insurance Co. was down 1.9%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.4% to close at 9,505.7. Losses were led
by the Insurance and Building & Construction indices, falling 1.4% and 0.9%,
respectively. ACIG fell 5.5%, while Amana Insurance was down 3.5%.
Dubai: The DFM Index declined 0.6% to close at 4,063.9. The Financial &
Investment Services index fell 1.2%, while the Banks index declined 1.1%.
Amlak Finance fell 4.4%, while Ekttitab Holding was down 3.4%.
Abu Dhabi: The ADX benchmark index fell 0.2% to close at 4,572.0. The
Consumer Staples index declined 1.8%, while the Banks index fell 0.4%. Ras
Al Khaimah Cement Co. declined 4.4%, while Union Cement was down 3.2%.
Kuwait: The KSE Index declined 0.5% to close at 6,237.2. The Financial
Services index fell 1.3%, while the Consumer Services index declined 1.0%.
Kout Food Group fell 7.4%, while Kuwait National Cinema was down 7.3%.
Oman: The MSM Index fell 0.2% to close at 6,455.4. Losses were led by the
Financial and Industrial indices, falling 1.1% and 0.2%, respectively. Al Sharqia
Investment Holding fell 3.7%, while Oman Fisheries was down 3.4%.
Bahrain: The BHB Index declined marginally to close at 1,366.9. The
Commercial Bank index fell 0.1%, while the other indices ended flat or green.
Khaleeji Commercial Bank was down 6.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
QNB Group 188.00 2.2 188.1 (11.7)
Barwa Real Estate Co. 53.00 1.9 778.1 26.5
Gulf Warehousing Co. 75.60 1.2 29.7 34.0
Al Khaleej Takaful Group 43.20 1.2 2.6 (2.2)
Aamal Co. 15.08 0.7 42.5 4.2
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 17.10 (0.3) 911.5 14.6
Barwa Real Estate Co. 53.00 1.9 778.1 26.5
Qatar German Co for Medical Dev. 16.52 (1.7) 612.3 62.8
Vodafone Qatar 16.29 (0.2) 392.1 (1.0)
United Development Co. 23.95 0.4 359.5 1.5
Market Indicators 18 June 15 17 June 15 %Chg.
Value Traded (QR mn) 229.4 187.6 22.3
Exch. Market Cap. (QR mn) 634,120.0 632,693.1 0.2
Volume (mn) 4.9 4.3 12.9
Number of Transactions 2,609 2,964 (12.0)
Companies Traded 37 40 (7.5)
Market Breadth 14:18 16:21 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,490.03 0.1 0.2 0.9 N/A
All Share Index 3,187.31 0.1 0.3 1.2 13.4
Banks 3,131.96 0.3 0.4 (2.2) 14.1
Industrials 3,865.40 (0.1) 0.4 (4.3) 13.6
Transportation 2,454.37 0.2 (0.3) 5.9 13.6
Real Estate 2,688.97 0.4 1.1 19.8 9.5
Insurance 4,707.67 (0.1) (0.8) 18.9 21.7
Telecoms 1,159.14 (0.6) (2.2) (22.0) 23.3
Consumer 7,393.30 (0.4) (0.4) 7.0 28.7
Al Rayan Islamic Index 4,623.85 (0.2) (0.0) 12.7 14.1
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Mobile Telecomm. Co. Saudi Arabia 11.60 3.1 3,715.1 (2.8)
Alabdullatif Ind. Inv. Saudi Arabia 39.67 2.8 212.9 18.9
Ajman Bank Dubai 2.00 2.6 71.3 (25.0)
Dana Gas Abu Dhabi 0.44 2.3 6,725.4 (12.0)
QNB Group Qatar 188.00 2.2 188.1 (11.7)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Med & Gulf Ins. Saudi Arabia 45.88 (2.8) 612.5 (8.4)
Qatar Islamic Bank Qatar 104.00 (2.7) 149.5 1.8
Emirates NBD Dubai 9.20 (2.6) 430.2 3.5
Dubai Financial Market Dubai 1.95 (2.5) 2,342.2 (3.0)
Mobile Telecomm. Co. Kuwait 0.42 (2.4) 1,661.9 (21.7)
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 Islamic Bank 104.00 (2.7) 149.5 1.8
Doha Insurance Co. 25.50 (1.9) 0.1 (12.1)
Al Khalij Commercial Bank 22.32 (1.7) 3.9 1.2
Qatar German Co for Med. Dev. 16.52 (1.7) 612.3 62.8
Medicare Group 184.00 (1.6) 1.2 57.3
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 53.00 1.9 41,017.6 26.5
QNB Group 188.00 2.2 35,088.8 (11.7)
Ezdan Holding Group 17.10 (0.3) 15,703.7 14.6
Qatar Islamic Bank 104.00 (2.7) 15,592.7 1.8
Industries Qatar 136.90 (0.4) 15,259.2 (18.5)
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* 11,897.95 0.1 0.2 (1.2) (3.2) 63.01 174,192.8 12.5 1.9 4.3
Dubai 4,063.88 (0.6) (0.2) 3.6 7.7 133.10 98,929.2 9.4 1.5 5.3
Abu Dhabi 4,572.02 (0.2) 0.4 1.0 1.0 29.00 123,548.7 11.5 1.5 4.8
Saudi Arabia 9,505.74 (0.4) (0.1) (1.9) 14.1 1,015.33 556,528.2 19.9 2.3 2.8
Kuwait 6,237.19 (0.5) (0.7) (0.9) (4.6) 22.71 97,800.8 15.5 1.0 4.3
Oman 6,455.44 (0.2) (0.4) 1.1 1.8 4.12 25,166.4 9.7 1.5 3.9
Bahrain 1,366.94 (0.0) (0.0) 0.2 (4.2) 0.21 21,378.1 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)
11,860
11,880
11,900
11,920
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index gained 0.1% to close at 11,898.0. The Real
Estate and Banks & Financial Services indices led the gains. The
index rose on the back of buying support from Qatari
shareholders despite selling pressure from non-Qatari and GCC
shareholders.
 QNB Group and Barwa Real Estate Co. were the top gainers,
rising 2.2% and 1.9%, respectively. Among the top losers, Qatar
Islamic Bank fell 2.7%, while Doha Insurance Co. was down
1.9%.
 Volume of shares traded on Thursday rose by 12.9% to 4.9mn
from 4.3mn on Wednesday. However, as compared to the 30-
day moving average of 15.4mn, volume for the day was 68.1%
lower. Ezdan Holding Group and Barwa Real Estate Co. were
the most active stocks, contributing 18.6% and 15.9% 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
06/18 US Bureau of Labor Stat. CPI YoY May 0.00% 0.10% -0.20%
06/18 US Bureau of Labor Stat. CPI Ex Food and Energy YoY May 1.70% 1.80% 1.80%
06/18 US Bureau of Labor Stat. CPI Core Index SA May 241.76 241.819 241.41
06/18 US Department of Labor Initial Jobless Claims 13-June 267K 277K 279K
06/18 US Bureau of Labor Stat. Real Avg Weekly Earnings YoY May 2.30% – 2.30%
06/18 US Department of Labor Continuing Claims 6-June 2,222K 2,210K 2,272K
06/19 EU ECB ECB Current Account SA April 22.3B – 18.0B
06/19 EU ECB Current Account NSA April 20.4B – 24.4B
06/19 Germany German Fed. Stat. Off PPI MoM May 0.00% 0.20% 0.10%
06/19 Germany German Fed. Stat. Off PPI YoY May -1.30% -1.10% -1.50%
06/19 UK ONS Public Finances (PSNCR) May 12.4B – -2.7B
06/19 UK ONS Central Government NCR May 13.2B – 0.2B
06/19 UK ONS Public Sector Net Borrowing May 9.4B 10.0B 5.5B
06/19 UK ONS PSNB ex Banking Groups May 10.1B 10.3B 6.2B
06/18 Spain Ministerio de Ind., Energ Trade Balance April -2253.1M – -890.6M
06/19 Italy Banca D'Italia Current Account Balance April 5,139M – 1,969M
06/18 China National Bureau of Stat. Foreign Direct Investment YoY CNY May 7.80% 8.00% 10.50%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QNBK: Qatar gas reserves to last 138 years on current
output rates – QNB Group (QNBK) said in a report that Qatar
has enough gas reserves to maintain production at current rates
for around 138 years and is therefore likely to remain central to
global hydrocarbon markets for a number of years to come.
According to QNBK, Qatar remains central to the global
hydrocarbon sector based on new data for 2014 released in
‘BP’s Statistical Review of World Energy’. Qatar remains the
third largest producer of natural gas in the world after the US
and Russia with 5.1% of global production. The country is also
the world’s top exporter of liquefied natural gas (LNG) with 31%
of the total global exports in 2014. This central role is a result of
its large endowment of hydrocarbon reserves. Revenue
generated from Qatar’s hydrocarbon exports provides a stable
source of financing for major infrastructure investments that are
driving the growth and diversification of the domestic economy.
However, gas reserves in Qatar fell 0.6% in 2014 as a result of
the extraction of gas and in the absence of exploration and
development of new reserves due to the moratorium on further
gas development and exploration in the North Field where
almost all of Qatar’s gas reserves are situated. Looking forward,
Qatar is expected to maintain its dominant role in the global
hydrocarbon sector while domestic energy demand is expected
to rise strongly as the population grows. To meet this rising
domestic demand, the Barzan project — a $10.3bn North Field
gas development — is coming online and is expected to drive
growth in the hydrocarbon sector. QNBK expects first production
from Barzan during 2H2015. (Gulf-Times.com)
 MDPS: Qatar inflation edges up in May on education, rents
and transport cost – According to the statistics released by the
Ministry of Development Planning & Statistics (MDPS), higher
education expenses and rents combined with increasing
transportation costs led Qatar’s cost of living based on
consumer price index (CPI) to rise 0.87% YoY in May 2015. The
CPI inflation rose 0.56% MoM mainly on costlier higher costs for
recreation and culture. A MoM analysis of CPI shows that there
are two main groups where respective indices have risen
namely: recreation & culture group (+5.09%), and food &
beverages (+0.04%). A decline in prices is noticed in clothing &
footwear group (-0.21%), restaurants & hotels groups (-0.16%)
and furniture & household equipment (-0.08%). The YoY price
Overall Activity Buy %* Sell %* Net (QR)
Qatari 47.31% 42.46% 11,100,369.12
GCC 10.02% 10.93% (2,087,786.30)
Non-Qatari 42.69% 46.61% (9,012,582.82)

3. Page 3 of 7
increase is primarily affected by the increasing prices in the nine
groups namely: education (+11.14%), tobacco (+8.59%),
transport (+2.85%), housing & utilities (+2.27%), restaurants &
hotels (+0.74%), furniture & household equipment and food &
beverages by 0.6% each. However, there has been a decrease
in price levels in other groups namely: recreation & culture (-
6.51%), miscellaneous goods & services (-0.41%) and clothing
& footwear (-0.17%). (Gulf-Times.com, QSA)
 DHBK to disclose semi-annual financials on July 14 – Doha
Bank (DHBK) will disclose the reviewed financial reports for the
period ending June 30, 2015 on July 14, 2015. (QSE)
 MEC: Three new central markets expected to be operational
by 2016 – According to the Ministry of Economy & Commerce
(MEC), work on three new central market complexes is
underway and they are expected to be operational in 2H2016.
These complexes will have fish, livestock, meat, fruits and
vegetables markets in one place. Each complex will have a
services area with banks, ATMs and administrative offices. The
MEC said the new complexes are being decentralized and set
up in Al Sailiya, Al Wakra and Umm Salal. Each complex will
have an area of 220,000 square meters. (Gulf-Times.com)
 IBQ offers 3.5% interest rate for personal loans during
Ramadan – International Bank of Qatar‘s(IBQ) head of Retail
Banking Hassan al-Mulla said the bank is offering a 3.5%
interest rate for personal loans as part of its campaign for
Ramadan. (Gulf-Times.com)
 ORDS broadens Asia e-commerce strategy with Rocket
Internet – The Asia-focused e-commerce strategy of Ooredoo
(ORDS) and its German partner Rocket Internet is making rapid
progress with another acquisition in short order. Lamudi, Rocket
Internet’s and ORDS’s real estate portal for emerging markets,
had announced on June 18 that it has acquired Jakarta-based
PropertyKita, a prominent local property portal in Indonesia,
which will now be renamed Lamudi Coid. Meanwhile, ORDS has
launched Cloud Voice & Collaboration Suite, a next generation
voice telephony and collaboration platform for businesses. (Gulf-
Times.com)
International
 US inflation up as energy-driven price plunge ebbs – US
consumer prices in May recorded their largest increase in more
than two years as gasoline prices surged, suggesting the drag
on inflation from lower oil prices was fading. Data released by
the Labor Department showed Consumer Price Index rose 0.4%
in May after gaining 0.1% in April. That was the largest increase
since February 2013, and left the CPI unchanged in the 12
months through May after a 0.2% yearly decline in April. While
energy prices are stabilizing, a strong dollar is weighing on
underlying inflation pressures. The so-called core CPI, which
excludes food and energy costs, rose 0.1%, the smallest gain in
five months, after a 0.3% increase in April. In the 12 months
through May, the core CPI rose 1.7%, slowing from a yearly
increase of 1.8% in April. A 10.4% jump in gasoline prices in
May accounted for most of the increase in the CPI. Another
report from Labor Department showed initial claims for state
unemployment benefits dropped 12,000 to a seasonally
adjusted 267,000 for the week ended June 13. It was the 15th
straight week that claims held below 300,000, a threshold
usually associated with a firming labor market. (Reuters)
 ECB increases emergency lending for Greek banks ahead
of Monday summit – The European Central Bank (ECB)
expanded emergency funding to keep Greece's stricken banks
on their feet as a steady flow of withdrawals continued ahead of
a summit next week that could decide whether the country can
stay in the Eurozone. Greek officials said that with pressure on
Greece's fragile banking system growing daily, the ECB held a
teleconference and raised the cap on so-called emergency
liquidity assistance, which the banks rely on to keep operating,
by €1.8bn. That should be enough to keep the system running
until Eurozone leaders meet on Monday night in a last-ditch
effort to reach an aid-for-reforms deal with Athens. Officials said
the ECB would review the ELA emergency liquidity limit again
on Monday night after the emergency summit in Brussels, with
the prospect looming of capital controls being imposed on Greek
banks if the situation continues to worsen. (Reuters)
 Europe’s banks head to Asia amid $1tn capital shortfall –
European banks are heading to Asia for capital as new rules at
home demand they sell more than $1tn of equity and
subordinated debt to increase loss buffers. French and German
lenders have sold the equivalent of $1.8bn in 2015 in notes that
act as a cushion in case of insolvency, in denominations from
the Chinese yuan to the Japanese yen. They had issued none
before 2015. Dutch and Italian banks that began issuing in the
region in 2012 have also stepped up activity. According to
Bloomberg-compiled data, European banks have $447.2bn of
subordinated notes that will stop counting toward their capital
buffers in coming years. Financial institutions are turning to Asia,
where there is ample cash to buy large amounts of securities
and pricing is attractive, after money managers in Europe
gorged on about $266bn of subordinated debt in either dollars or
euros since 2008. The move East is poised to accelerate as
banks still need to issue about four times that amount.
(Bloomberg)
 BoJ boosts transparency as Kuroda pursues
unprecedented easing – The Bank of Japan (BoJ) is
increasing transparency around its decision-making process as
Governor Haruhiko Kuroda takes the central bank into
uncharted territory to reflate the world’s third-biggest economy.
The BoJ said it will boost the frequency of reports it issues on
the economy’s health and release details on policy board
members’ individual assessments. It will cut the number of
board meetings to eight a year, in line with the US Federal
Reserve, from 14. Kuroda said the new system will improve the
BoJ’s transparency after the bank kept its unprecedented
monetary easing unchanged. Four of the BOJ’s policy meetings
will cover the outlook reports and four will update on
developments in the economy and inflation. Under the new
changes to be implemented in 2016, the BOJ will release its
outlook report on the economy and inflation every quarter
instead of twice yearly. The BoJ said that those reports will also
include forecasts and risk assessments of each board member.
(Bloomberg)
 Russia strengthens Greece ties with gas link deal to Europe
– Russia signed a preliminary agreement on building a natural-
gas pipeline through Greece, a deal that signals strengthening
ties between the countries as the crisis-stricken government in
Athens is increasingly isolated from the rest of Europe. Russia’s
development bank, known as VEB, will own 50% of the €2bn
link and provide all financing, while Greece will own the rest.
Russian Energy Minister Alexander Novak said that OAO
Gazprom, Russia’s natural gas exporter and the world’s biggest
producer, will not hold a stake in the section crossing Greece.
That section will have an annual capacity of 47bn cubic meters,
with construction starting in 2016 and completion set for 2019.
Russian President Vladimir Putin promised Greece that owning
the new link, in partnership with Russia, would bring the debt-
burdened economy “hundreds of millions of euro every year” for
gas transit. (Bloomberg)

4. Page 4 of 7
 Brazil June mid-month inflation accelerates as economy
slows – Brazil’s inflation in the month through mid-June
accelerated more than all analysts estimated, as the economy
shrinks and the central bank raises rates. Inflation, as measured
by the benchmark IPCA-15 index, quickened to 0.99% from
0.60% in May, above analysts’ estimate of 0.85% increase.
Prices for food & beverages rose 1.21% after a 1.05% increase
in May, housing costs rose 1.03% after a 0.85% jump in the
month through mid-May. Annual inflation sped up to 8.8% from
8.24%. Brazil’s central bank targets consumer price increases of
4.5%, plus or minus two percentage points. Meanwhile, the
central bank said on June 19 the seasonally adjusted economic
index, a proxy for gross domestic product, fell 0.84% in April.
The index dropped a revised 1.51% in March. Economists in the
central bank’s weekly survey forecast a contraction of 1.35% in
2015. (Bloomberg)
Regional
 Freeman & Co.: Mideast investment bank fees grew 13% –
According to data compiled by Freeman & Company, investment
banking fees in the Middle East (Mideast) rose 13% in January-
May 2015 with HSBC Holdings Plc and Citigroup Inc. leading
the rankings. The income during January-May 2015 rose to
$317mn, the most since 2013, and up from $280mn a year
earlier. Arranging M&A transactions accounted for $111mn, or
more than a third of the total fees. HSBC and Citigroup captured
the greatest share of the investment banking fee pool, with
HSBC earning $36.7mn from deals or 11.6% of the total, and
Citigroup earning $27.5mn or 8.7%. Deutsche Bank is ranked
third with $16.8mn. According to data compiled by Bloomberg,
the value of deals in the Middle East and Africa region is up 25%
in 2015 to $28bn. (Bloomberg)
 TUSDEER signs lease agreement with JDURC – Saudi Trade
& Export Development Company (TUSDEER), a 76% owned
subsidiary of Saudi Industrial Services Company (SISCO), has
signed a lease agreement with Jeddah Development & Urban
Regeneration Company (JDURC) to build a Logistics Park under
build, operate, and transfer (BOT) basis. The development of
the Logistics Park will cost approximately SR550mn during the
next 8 years, which will be financed through retained earnings
and new loans. The project consists of an integrated
warehousing complex along with supporting services and
facilities for them, based on the latest design and construction
specifications according to international standards. The lease is
for 636,780 square meters area in Al-Khumra zone of South
Jeddah for a period of 30 years. (Tadawul)
 SPC announces intention to invest in portfolios – Sahara
Petrochemicals Company (SPC) has announced its intention to
invest in portfolios after the recommendations of its board of
directors to diverse the company’s investments in accordance
with its investment rules and portfolios approved by the Capital
Market Authority. (Tadawul)
 SACO reopens store in Yanbu – Saudi Company for Hardware
(SACO) has reopened its store on June 17, 2015 after obtaining
approval of the Royal Commission. The store was closed
temporarily by the Royal Commission in Yanbu for some
observations that are related to the reduction of displayed stocks
during the promotions of holy Ramadan. (Tadawul)
 JODI: KSA crude oil exports slipped in April 2015 –
According to Joint Organizations Data Initiative (JODI), Saudi
Arabia’s crude exports fell by 161,000 barrels per day (bpd) in
April 2015 as domestic refiners processed more crude. Exports
fell to 7.737mn bpd from 7.898mn in March 2015 when they hit
their highest levels in almost a decade. Domestic refiners
processed 2.224mn bpd, up 315,000 bpd from 1.909mn bpd in
March. The Kingdom's oil output inched up to its highest rate on
record at 10.308mn bpd in April from 10.294mn bpd in March.
(Reuters)
 Saudi, Russia sign nuclear power cooperation deal, mull
cooperation agreement – Saudi Arabia and Russia have
signed an agreement to cooperate on nuclear energy
development. The Kingdom reportedly planned to build 16
nuclear reactors in which Russia would play a significant role in
operating them. Moreover, sources reported that Russian and
Saudi oil ministers are discussing a broad cooperation
agreement. The agreement reportedly would not be about joint
oil production or export strategy. (Reuters)
 SEC signs MoU with Bahri for transporting equipment,
spare parts – Saudi Electricity Company (SEC) has signed a
MoU with National Shipping Company of Saudi Arabia (Bahri).
The five-year agreement envisages that Bahri will transfer all the
equipment, tools, spare parts and products imported from
outside by SEC. This is aimed at supporting strategic
resettlement of projects for electrical industries and exchange of
experiences between the two sides to provide appropriate work
environment. (GulfBase.com)
 Saudi Kayan reschedules maintenance at some plants to
March 2016 – Saudi Kayan Petrochemical Company has
rescheduled its maintenance work at some of its plants by six
months to March 2016. The company was due to shut an
ethylene gylcol and ethylene oxide plant from October 1, 2015
for 60 days for maintenance and repairs, as well as other plants
for periods between 61 and 75 days. (GulfBase.com)
 MRC Transmark signs supply contract with Sabic – MRC
Transmark Middle East, a subsidiary of MRC Global, has signed
a supply contract with Saudi Basic Industries Corporation
(Sabic) for its operations in the Kingdom. The pact is an
expansion of their current framework agreement, which includes
all of Sabic's European facilities. MRC Transmark’s framework
agreement with Sabic covers MRC Global's supply of valves to
all 22 of Sabic’s production complexes. MRC Transmark will
initially support Sabic's Saudi Arabian business from its regional
distribution center in the Jebel Ali Free Zone. (GulfBase.com)
 Saudi said to be discussing sweetening India oil deals with
own ships – According to sources, Saudi Arabia is said to be in
talks with Indian oil buyers to ship crude on the Middle East
supplier’s own tankers, potentially cutting the cost of cargoes.
While the world’s biggest crude exporter won’t offer to sell its
crude at a discount to its official selling price, it may pass on the
benefits of lower shipping costs. The use of vessels owned by
Saudi Arabia may reduce the cost of its supplies by 25 to 30
cents a barrel. (Bloomberg)
 Saudi Arabia witness 40% decline in Umrah pilgrims – The
number of people going to Saudi Arabia for Umrah this
Ramadan is down by 40% as compared to previous years due
to high costs and difficulties in obtaining visas for expatriates.
Notwithstanding that this is the holy month of Ramadan, many
Saudi-based Haj and Umrah tour operating companies are
charging exorbitant amounts to provide visas for Umrah for
expatriates. Al Raya reported that while the official rate for an
Umrah visa was between SR250 and SR300, Saudi Hajj and
Umrah tour operating companies were charging between
SR1,000 and SR1,500. (Peninsula Qatar)
 Mercer: Dubai, Abu Dhabi on list of 35 most expensive
cities – According to Mercer’s 2015 Cost of Living Survey,
Dubai and Abu Dhabi have been ranked the 23rd and 33rd most
expensive cities to live in respectively. The two cities are the
most expensive cities in the Middle East (Mideast) for

5. Page 5 of 7
expatriates, as Jeddah (151) continues to be the least expensive
city in the region despite rising 24 places. The significant
increase in the cost of living ranking is seen among almost all
major Mideast cities, both Manama (91) and Doha (99) moved
up 59 places, Amman (54) moved up 49 places, Riyadh (71)
moved up 40 places, Kuwait City (117) moved up 30 places, and
Beirut (44), the most expensive Middle Eastern city after Dubai
and Abu Dhabi, moved up 19 places. (GulfBase.com)
 Emaar Misr sets IPO price at EGP3.8 per share – Emaar Misr
for Development, the Egypt-based subsidiary of Emaar
Properties, has priced its IPO at EGP3.8 per share, valuing the
company at EGP17.6bn. The offering consists of up to 600mn
share representing 12.99% of Emaar Misr’s post-offer share
capital, and had attracted more than 11 times the number of
shares available for institutional buyers. The final allocation of
shares in the institutional offering amounts to 510mn shares. Up
to a maximum of 90mn shares are being offered at the offer
price in the Egyptian Public offering which runs from June 16-25.
Emaar Properties will retain its current holdings in Emaar Misr,
which will represent 87.01% of Emaar Misr’s post-offer share
capital. EFG Hermes and J.P. Morgan are acting as joint global
coordinators and joint bookrunners for the offer, while Emirates
Financial Services is acting as lead manager for the offering.
The company intends to use the net proceeds raised from the
offering, together with its existing cash resources, principally to
further the development of the commercial areas of its projects
under development. Emaar Misr also intends to use a part of the
net proceeds from the offering to fund pre-launch expenditures
and costs in relation to the development of Cairo Gate, as well
as selectively growing its landbank through the potential
acquisition of select land plots that match the investment criteria
of Emaar Misr. (DFM)
 Daman Investments mulls IPO – Daman Investments, a
Dubai-based investment management firm, is planning to go
public. Earlier, in March 2015, Daman had said that it was in the
final stages of obtaining regulatory approval and hoped to
launch an initial public offer in the next few weeks. In November
2014, Daman had said that it would sell new shares equivalent
to 55% of the firm to the public. (Reuters)
 DAC: Dubai airport passenger traffic increased 5.7% YoY in
April 2015 – Dubai Airports Company (DAC) said that
passenger traffic through Dubai International Airport increased
5.7% YoY in April 2015. The number of passengers climbed to
6.51mn from 6.16mn, partly because of the growth in Eastern
European traffic as Dubai carrier flydubai expanded services to
that region. Passenger traffic increased 6.5% to 26.12mn people
during January-April 2015. (Reuters)
 Dubai Cable building first aluminum plant – Dubai Cable
Company is building its first aluminum plant as customers in
Saudi Arabia to the US seek cheaper alternatives to copper for
power transmission. The $60mn factory in Abu Dhabi in will
have the capacity to produce 50,000 metric tons of aluminum
rod and overhead conductors annually. (Gulf Times)
 Elseco’s revenue to quadruple by 2020 – Elseco, a Dubai-
based satellite insurer, expects its revenue to quadruple by 2020
as it expands coverage of energy and aviation. The company
expects its 2015 revenue to be between $80-97mn from space,
$10mn from aviation and $7mn from energy. (Reuters)
 Natixis to make Dubai capital markets hub for Mideast,
Africa – Natixis, a unit of French lender Groupe BPCE, is
planning to make Dubai the center for its debt capital markets
business in the Middle East and Africa (MEA) as the emirate
takes on a more international role for the French bank. Natixis
aims to generate 51% of its revenue from outside its home
market by 2017-end. Over the past two years, Natixis has
increased its staffing levels in Dubai by around 50% to 45
people. The MEA accounted for 3% of Natixis's $361.09bn total
global exposure at the end of March 2015. (Reuters)
 Tejar Dubai launches three commercial projects – Dubai
Chamber of Commerce and Industry initiative, Tejar Dubai
entrepreneurship development program, has launched three
commercial projects with the opening of the Roundup Food
Trucks, Hamburgah and Maitha Al Zaabi Financial Auditing &
Consulting. (GulfBase.com)
 DED signs agreement with Daimler to tackle counterfeiting
– The department of Economic Development (DED) has signed
a MoU with Daimler to tackle counterfeiting. Under the MoU,
both the entities will work together to eliminate use and trade of
counterfeit auto parts and to educate consumers on intellectual
property rights (IPR). The DED will provide Daimler with receipts
of counterfeit Mercedes-Benz auto parts confiscated in the
emirate so that their origins can be traced. (GulfBase.com)
 Dubai Metro boosts value of properties near metro stations
– The Roads and Transport Authority (RTA) Director General &
Chairman, said that Dubai Metro has triggered a rise in the
value of properties situated within a 1.5 kilometer radius of
metro stations on both the Red and Green Lines by a rate
ranging from 13% to 41%. Similarly, the rental and sale value of
such properties has appreciated by up to 10%, which indicates
the impact of the Dubai Metro on boosting the market value of
properties served by this transit mode. (GulfBase.com)
 Fitch affirms Kuwait at 'AA'; Stable outlook – Fitch Ratings
has affirmed Kuwait's long-term foreign and local currency
Issuer default ratings (IDR) at 'AA' with a Stable outlook. The
country ceiling has been affirmed at 'AA+' and the short-term
foreign currency IDR at 'F1+'. Kuwait's ratings reflect its
exceptionally strong fiscal and external position, balanced
against a heavily oil-dependent economy, a degree of
geopolitical risk, and weak scores on measures of governance
and ease of doing business. Fitch expects that Kuwait's fiscal
breakeven export price of oil will be $57/barrel, below its oil
export price forecast for Kuwait of $64/barrel in FY2016. Fitch
forecasted that lower oil-related revenues combined with
continued spending growth will cause the general government
surplus (including investment income) to fall to 10.6% of GDP in
FY2016 from an estimated 20.7% of GDP in FY2015. The
authorities intend to undertake measures that could limit the
growth of current spending in FY2016 budget, but capital
spending plans are unaffected. Fitch expects the budget
balance to improve to 16.7% in FY2017. Further, Fitch expects
the current account surplus to halve to 15.1% of GDP in 2015
before recovering to 20% of GDP in 2016. The rating agency
predicts real GDP growth to rise to 1.8% in 2015 and 2.0% in
2016, from an estimated 0.9% in 2014. The growth will be driven
by resilient private and public consumption and government
capital spending, given the stable oil production volumes.
(Reuters)
 Kuwait plans KPC board revamp – According to sources,
Kuwait is considering whether to make changes to the board of
its state-owned energy giant, Kuwait Petroleum Corporation
(KPC), after friction between the board and Oil Minister Ali Saleh
al-Omair. There is reportedly considerable disagreement
between the minister and the board of KPC on issues including
major projects, mechanisms for managing the oil industry and
the return of former officials to their jobs at the company.
Changes to the board could be announced as soon as next
week. (GulfBase.com)

6. Page 6 of 7
 UFC invites offers from Al Omaniya, NBO – United Finance
Company (UFC) has invited offers from Al Omaniya Financial
Services and National Bank of Oman (NBO), the two bidders
who are in talks with UFC for merger/acquisition. (MSM)
 Oman witnessed OMR292mn worth property deals in May
2015 – Dr. Ali Azzan Al Hashami, Deputy Registrar for
transactions & auditing of real estate in the Ministry of Housing
said that trade contracts worth OMR292.21mn were received
along with fees totaling OMR5.79mn in May 2015. He said
32,597 real estate deals were inked in May which included sale,
gift, inheritance and swap, apart from mortgage, foreclosure and
dismantling transactions as well as visas. He stated that the total
value of sale contracts was OMR149.56mn from 7,049
transactions across all the governorates and OMR4.4mn was
received as fees for those transactions. (GulfBase.com)
 Bahrain gateway to $1.6tn GCC market – Bahrain Deputy
Prime Minister Shaikh Mohammed bin Mubarak Al Khalifa said
that that the economic volume of the GCC countries combined
together is more than $1.6tn and is poised to hit $6tn over the
next five years. The Deputy PM pointed that the free trade
agreement signed by Bahrain and the US has positively affected
the flow of trade lines with the GCC countries, especially with
freedom of ownership in Bahrain topping 100% in most trade
sectors. He noted that Bahrain enjoys a strategic location as a
gateway to GCC countries given its direct link with the eastern
region of Saudi Arabia. (GulfBase.com)

7. Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the
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not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability
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Page 7 of 7
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
(0.4%)
0.1%
(0.5%)
(0.0%)
(0.2%) (0.2%)
(0.6%)
(1.0%)
(0.8%)
(0.6%)
(0.4%)
(0.2%)
0.0%
0.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,200.27 (0.1) 1.6 1.3 MSCI World Index 1,774.88 (0.3) 0.3 3.8
Silver/Ounce 16.11 (0.5) 0.8 2.6 DJ Industrial 18,015.95 (0.6) 0.7 1.1
Crude Oil (Brent)/Barrel (FM
Future)
63.02 (1.9) (1.3) 9.9 S&P 500 2,109.99 (0.5) 0.8 2.5
Crude Oil (WTI)/Barrel (FM
Future)
59.61 (1.4) (0.6) 11.9 NASDAQ 100 5,117.00 (0.3) 1.3 8.0
Natural Gas (Henry
Hub)/MMBtu
2.81 (1.7) 1.6 (6.2) STOXX 600 385.59 0.1 (0.4) 5.5
LPG Propane (Arab Gulf)/Ton 35.00 (4.4) (15.7) (28.6) DAX 11,040.10 (0.8) (0.8) 5.0
LPG Butane (Arab Gulf)/Ton 47.13 (6.2) (14.7) (28.0) FTSE 100 6,710.45 0.1 0.9 4.1
Euro 1.14 (0.1) 0.8 (6.2) CAC 40 4,815.37 (0.0) (1.2) 5.6
Yen 122.71 (0.2) (0.6) 2.4 Nikkei 20,174.24 1.2 (0.5) 12.6
GBP 1.59 0.0 2.1 2.0 MSCI EM 974.56 (0.3) (0.5) 1.9
CHF 1.09 0.4 1.2 8.3 SHANGHAI SE Composite 4,478.36 (6.5) (13.3) 38.4
AUD 0.78 (0.4) 0.5 (4.9) HANG SENG 26,760.53 0.3 (1.9) 13.4
USD Index 94.09 0.0 (0.9) 4.2 BSE SENSEX 27,316.17 1.0 4.3 (1.0)
RUB 54.04 1.1 (2.2) (11.0) Bovespa 53,749.41 (2.0) 1.8 (7.7)
BRL 0.32 (1.3) 0.7 (14.4) RTS 966.90 (1.5) 1.7 22.3
171.0
140.4
127.3