Qatar st

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QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 1.7% to close at 11,761.1. Losses were led by the
Telecoms and Industrials indices, falling 2.5% and 1.9%, respectively. Top
losers were Qatar International Islamic Bank and Zad Holding Co., falling 8.6%
and 7.3%, respectively. There were no gainers for the day.
GCC Commentary
Saudi Arabia: The TASI Index fell 2.0% to close at 9,438.2. Losses were led
by the Energy & Utilities and Petrochem. Ind. indices, falling 3.1% and 2.6%,
respectively. Petro Rabigh fell 8.6%, while Saudi Indust. Inv. was down 6.4%.
Dubai: The DFM Index declined 2.6% to close at 3519.6. The Real Estate &
Construction index fell 3.6%, while the Banks index declined 3.1%.
Commercial Bank of Dubai fell 10.0%, while Ajman Bank was down 9.3%.
Abu Dhabi: The ADX benchmark index fell 1.3% to close at 4,365.2. The Real
Estate index declined 4.4%, while the Energy index was down 3.7%. Al
Khaleej Investment fell 9.8%, while Finance House was down 7.5%.
Kuwait: The KSE Index declined 0.4% to close at 6446.4. The Oil & Gas index
fell 1.0%, while the Financial Services index was down 0.7%. Gulf Finance
House fell 10.6%, while Real Estate Asset Management Co. was down 7.7%.
Oman: The MSM Index fell 0.7% to close at 6,258.1. Losses were led by the
Industrials and Financial indices, falling 1.0% and 0.6%, respectively. Al
Hassan Engineering fell 5.7%, while Al Jazeera Services was down 5.1%.
Bahrain: The BHB Index declined 0.6% to close at 1,468.6. The Industrial
index fell 1.6%, while the Commercial Bank index declined 0.9%. Seef
Properties fell 2.9%, while Al-Ahli United Bank was down 1.8%
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 16.95 (2.9) 1,191.7 3.0
Barwa Real Estate Co. 47.70 (2.3) 983.1 13.8
Commercial Bank of Qatar 68.90 (0.9) 691.2 0.6
Masraf Al Rayan 45.25 (0.5) 483.0 2.4
Ezdan Holding Group 15.32 (0.1) 475.9 2.7
Market Indicators 16 Mar 15 15 Mar 15 %Chg.
Value Traded (QR mn) 380.5 292.3 30.2
Exch. Market Cap. (QR mn) 641,037.3 652,134.1 (1.7)
Volume (mn) 7.6 7.4 3.3
Number of Transactions 5,138 4,710 9.1
Companies Traded 37 39 (5.1)
Market Breadth 0:35 6:30 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,064.20 (1.6) (2.5) (1.4) N/A
All Share Index 3,132.28 (1.4) (2.2) (0.6) 14.2
Banks 3,183.85 (1.3) (2.0) (0.6) 14.5
Industrials 3,860.14 (1.9) (2.9) (4.4) 13.2
Transportation 2,464.99 (0.8) (1.1) 6.3 13.9
Real Estate 2,361.33 (0.8) (2.5) 5.2 13.4
Insurance 4,123.56 (1.2) (1.4) 4.2 18.0
Telecoms 1,321.87 (2.5) (3.3) (11.0) 21.6
Consumer 7,049.44 (1.2) (1.3) 2.1 25.3
Al Rayan Islamic Index 4,271.99 (1.4) (2.6) 4.2 14.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Comm. Bank of Kuwait Kuwait 0.64 6.7 9.3 1.6
Knowledge Eco. City Saudi Arabia 25.94 5.5 19,148.4 53.2
Saudi Enaya Coop. Ins. Saudi Arabia 32.50 3.1 4,093.4 25.3
Comm. Facilities Co. Kuwait 0.26 2.0 83.8 (5.5)
Jazeera Airways Co. Kuwait 0.53 1.9 23.6 20.5
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Com. Bank Of Dubai Dubai 6.12 (10.0) 332.2 17.7
Ajman Bank Dubai 2.04 (9.3) 731.3 (27.1)
Petro Rabigh Saudi Arabia 22.66 (8.6) 10,139.4 24.8
Qatar Int. Islamic Bank Qatar 79.80 (8.6) 161.7 (2.3)
Abu Dhabi Nat. Energy Abu Dhabi 0.70 (6.7) 48.5 (12.5)
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 International Islamic Bank 79.80 (8.6) 161.7 (2.3)
Zad Holding Co. 88.00 (7.3) 9.3 4.8
Qatar Fuel Co. 188.40 (5.8) 69.4 (7.8)
Islamic Holding Group 112.00 (5.1) 53.6 (10.0)
Dlala Brokerage & Inv Holding Co. 37.55 (3.7) 275.8 (12.3)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Commercial Bank of Qatar 68.90 (0.9) 47,712.2 0.6
Barwa Real Estate Co. 47.70 (2.3) 47,594.8 13.8
Industries Qatar 139.10 (2.4) 45,324.5 (17.2)
Gulf International Services 88.50 (2.9) 38,580.6 (8.9)
Masraf Al Rayan 45.25 (0.5) 21,865.0 2.4
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* 11,761.11 (1.7) (2.6) (5.5) (4.3) 104.49 176,028.9 13.7 1.9 4.0
Dubai 3,519.55 (2.6) (5.1) (8.9) (6.7) 129.76 86,696.3 7.7 1.4 5.8
Abu Dhabi 4,365.22 (1.3) (2.6) (6.8) (3.6) 69.38 122,146.8 11.8 1.5 4.2
Saudi Arabia 9,438.24 (2.0) (2.6) 1.3 13.3 3,142.22 545,450.8 18.9 2.3 2.8
Kuwait 6,446.37 (0.4) (1.0) (2.3) (1.4) 53.28 98,430.9 17.3 1.1 3.9
Oman 6,258.09 (0.7) (2.2) (4.6) (1.3) 20.31 24,041.9 10.3 1.4 4.5
Bahrain 1,468.57 (0.6) (1.0) (0.4) 2.9 1.19 22,953.2 9.6 1.0 4.5
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)
11,700
11,750
11,800
11,850
11,900
11,950
12,000
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

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Qatar Market Commentary
 The QSE Index declined 1.7% to close at 11,761.1. The
Telecoms and Industrials indices led the losses. The index fell on
the back of selling pressure from non-Qatari shareholders
despite buying support from Qatari shareholders.
 Qatar International Islamic Bank and Zad Holding Co. were the
top losers, falling 8.6% and 7.3%, respectively. There were no
gainers for the day.
 Volume of shares traded on Monday rose by 3.3% to 7.6mn from
7.4mn on Sunday. However, as compared to the 30-day moving
average of 14.1mn, volume for the day was 45.8% lower.
Vodafone Qatar and Barwa Real Estate Co. were the most
active stocks, contributing 15.7% and 12.9% 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
03/16 US Federal Reserve Industrial Production MoM February 0.10% 0.20% -0.30%
03/16 US Federal Reserve Capacity Utilization February 78.90% 79.50% 79.10%
03/16 US Federal Reserve Manufacturing (SIC) Production February -0.20% 0.00% -0.30%
03/16 US NAHB NAHB Housing Market Index March 53.0 56.0 55.0
03/16 UK Rightmove Rightmove House Prices MoM March 1.00% – 2.10%
03/16 UK Rightmove Rightmove House Prices YoY March 5.40% – 6.60%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 MARK eyes potential debut Sukuk issue – According to
sources, Masraf Al Rayan (MARK) is eyeing a debut in the debt
capital markets in 2015 after inviting bankers to pitch for
arranger roles on a potential US dollar-denominated benchmark
Sukuk issue. The Shari’ah-compliant institution is expected to
raise funds before April-end. Sources said the benchmark size is
traditionally understood to mean upward of $500mn. (Reuters)
 Fitch upgrades KCBK’s rating – Al Khalij Commercial Bank
(KCBK) has announced that Fitch Ratings has upgraded its
long-term issuer default rating (IDR) to 'A+' from 'A'. The bank’s
outlook is stable. The upgrade follows the publication of the
State of Qatar's Long-term IDR of 'AA' on the 6th
of March 2015
by Fitch. (QSE, Company Press Release)
 QGRI OGM approves 20% cash dividend, QCSD deposits
bonus shares – Qatar General Insurance & Reinsurance
Company’s (QGRI) ordinary general assembly meeting (OGM)
has approved all items on its agenda. The OGM approved the
board’s recommendation to increase the company’s capital by
15% to QR795.52mn from QR691.75mn by issuing bonus
shares to existing shareholders equivalent to three new shares
for every twenty shares held. The distribution of cash dividends
of 20% equivalent to QR2.00 for each share held was also
approved. Moreover, the shareholders agreed to increase
permitted share ownership of non-Qatari investors to an amount
not exceeding 49% of the company’s share capital. Meanwhile,
the Qatar Central Securities Depository (QCSD) has announced
the addition of bonus shares to the accounts of QGRI’s
shareholders. After this addition, QGRI’s new capital stands at
QR795.52mn distributed across 79,551,549 shares. The
shareholders may trade these shares from March 17, 2015.
(QSE)
 QISI AGM approves QR4.00 per share dividend – Qatar
Islamic Insurance Company (QISI) has announced that its
shareholders in the annual general assembly meeting (AGM)
have approved the board’s recommendation to distribute a
dividend of QR4.00 per share. (Peninsula Qatar)
 AHCS AGM approves 10% cash dividend, 5% bonus shares
– Aamal Company’s (AHCS) board of directors (BoD) at its
general assembly meeting (AGM) has approved 10% cash
dividend and 5% bonus shares. (Gulf-Times.com)
 IHGS BoD recommends 50% capital increase – Islamic
Holding Group’s (IHGS) BoD has recommended increasing the
company’s capital by 50% to QR60mn. The increase will be
based on the nominal value of QR10 per share plus bonus.
(QSE)
 QSE suspends trading of QNCD shares on March 17 – The
Qatar Stock Exchange (QSE) has announced suspension of
trading in Qatar National Cement Company’s (QNCD) shares on
March 17, 2015 due to the company’s AGM and EGM being
held on that day. (QSE)
 QCB: Islamic finance to expand deeper into Asia, Mideast –
According to the Qatar Central Bank (QCB), Islamic finance,
with estimated assets of $1.8tn, should expand into Asia and the
Middle East (Mideast) region in a bigger way and explore ways
of enhancing the investment universe for demand stability as
well as diversify and mitigate risks. QCB Governor HE Sheikh
Abdullah bin Saud al-Thani said Islamic finance will benefit
greatly from London, which has become a hub for Islamic
finance. He said the potential growth for the Islamic finance
worldwide requires a legislative framework that would maintain
global financial stability. QCB was keen to promote Islamic
banks in Qatar, which now has four such lenders – Qatar Islamic
Bank, Qatar International Islamic Bank, Masraf Al Rayan and
Overall Activity Buy %* Sell %* Net (QR)
Qatari 67.79% 43.74% 91,537,743.60
Non-Qatari 32.21% 56.26% (91,537,743.60)

3. Page 3 of 6
Barwa Bank – which together account for 25% of the country's
banking assets. (Gulf-Times.com)
 Siemens on track for Qatar green tram project – Siemens
has completed the first four tram bodies for Qatar’s Education
City project and was on track for its shipment to the Gulf state in
summer 2015. In total, Siemens will be supplying 19 trams, each
with three cars and able to accommodate up to a maximum of
239 passengers per tram. As part of the contract, Siemens will
also supply signaling and communication technology as well as
depot equipment. The Qatar Education City tram will be a
benchmark in energy-efficient urban mobility for Qatar and the
whole Middle East. (Bloomberg)
 QIIK opens 17th branch at Muaither – Qatar International
Islamic Bank’s (QIIK) 17th full-fledged branch in Qatar was
inaugurated at Muaither. The new Muaither branch will work in
two shifts. The bank said the new branch opening was in line
with its “local outreach strategy and the policy of growing the
customer base and better serving the growing clientele. QIIK
also said that it was planning to open a new corporate branch
dedicated to large customers at the Grand Hamad Street
shortly. (Gulf-Times.com)
International
 IMF: Global recovery fragile, India a bright spot – The head
of the International Monetary Fund (IMF) Christine Lagarde said
the global recovery is "too slow, too brittle and too lop-sided",
describing Asia's third-largest economy as a rare bright spot on
a cloudy global horizon. Lagarde said that the monetary policy in
the world's leading economies was out of step and, even if well
managed, could cause "excessive volatility" in international
financial markets. The first of those was what Lagarde called
"asynchronous monetary policy" in advanced economies, with
the US and Britain normalizing their stances while the Eurozone
and Japan increase their monetary stimulus. Her warning came
on the eve of a meeting of the US Federal Reserve that is
expected to signal an increase in ultra-low interest rates as soon
as June. Higher US interest rates could trigger capital outflows
from emerging markets awash with cheap dollars. Meanwhile,
Lagarde said India's economy is doing better than its peers, with
recent policy reforms and improved business confidence set to
boost growth to 7.5% in FY2015-16. She welcomed the
government's latest budget as "a step in the right direction"
toward mid-term fiscal consolidation while praising plans for
higher infrastructure spending. Lagarde said a pact between the
government and the Reserve Bank of India to formalize inflation
targeting should provide a robust institutional foundation for
maintaining price stability. Lagarde also said that India is better
positioned to cope with external financial shocks than most
emerging market economies as it had shrunk its current account
deficit and boosted its stock of international reserves. (Reuters)
 OPEC says low oil prices may hit US output by late 2015 –
Organization of the Petroleum Exporting Countries (OPEC) said
the oil output in the US could start to take a hit by late 2015 due
to low prices, suggesting the exporter group will have to wait
beyond its next June meeting to see if its strategy to defend
market share will dent the shale oil boom. The halving of oil
prices since June 2014 has prompted spending cuts by oil
companies and a drop in US drilling, raising expectations of
slowing output in countries outside the OPEC. However, in a
monthly report, OPEC left its forecast for non-OPEC supply for
2015 unchanged and said the output of US "tight" oil, also
known as shale, might be curbed toward the end of 2015.
(Reuters)
 Weak US factory data suggest softer economic growth – US
manufacturing output fell in February for the third straight month
as the production of automobiles and a range of goods tumbled,
the latest indication of slower economic growth in 1Q2015.
Activity has softened in recent months, constrained by a harsh
winter, strong dollar and lower crude prices, which have forced
companies in the oil field to either postpone or cut back on
capital expenditure projects. Weak demand overseas and a
now-settled labor dispute at US West Coast ports was also a
drag. The weak factory data came ahead of the Federal
Reserve's policy meeting, where economists expect officials at
the US central bank to drop the phrase "patient" from their so-
called forward guidance on interest rates. The Fed said the
factory production slipped 0.2% in February after declining 0.3%
in January. The report joined dour retail sales, construction and
housing starts data, which recently prompted economists to
slash their 1Q2015 GDP growth estimates to as low as a 1.2%
annualized pace. The economy grew at a 2.2% rate in 4Q2014.
(Reuters)
 Draghi calls for 'quantum leap' in European integration –
Describing the Eurozone economy as steadily recovering,
European Central Bank (ECB) President Mario Draghi called for
a quantum leap in European integration so Eurozone countries
share more sovereignty. A week after the ECB began printing
money to buy sovereign bonds, Draghi said the bank's stimulus,
lower oil prices and structural reforms in Eurozone economies
were supporting growth in the 19-country bloc. Draghi said the
ECB had helped generate this upturn. Earlier, the ECB said it
settled €9.75bn of public-sector bond purchases in the first week
of the program to pump more than €1tn into the Eurozone
economy. Under this quantitative easing (QE), the ECB intends
to buy €60bn a month of mainly sovereign bonds until
September 2016, or beyond if needed to see a sustained
adjustment in inflation back toward the ECB target. (Reuters)
 Chinese FDI up 0.9% YoY in February, outbound flows leap
68% – The Commerce Ministry said China drew $8.56bn in
foreign direct investment (FDI) in February, up 0.9% YoY, while
outbound Chinese investment excluding the financial sector
surged by 68.2% to $7.25bn. FDI into China grew at its
strongest pace in nearly four years in January, surging 29.4%
YoY to $13.9bn as investors largely shunned the manufacturing
sector and focused on the more resilient services industry. For
January and February combined, inbound FDI rose 17.0% YoY,
to $22.5bn. Due to distortions caused by the timing of the Lunar
New Year holiday in 2015 as compared to 2014, economists say
the combined figure gives a clearer picture of investment flows
than February alone. Outbound investment for January and
February combined rose 51.0% to $17.4bn. FDI inflows into
China rose an annual 1.7% in 2014 to $119.6bn, the slowest
pace in two years. (Reuters)
 Brazil's economic activity drops slightly in January – A
central bank index showed Brazilian economic activity
contracted slightly in January, underscoring the expectations of
a recession in 2015. The Brazilian central bank said its
economic activity index dropped a seasonally adjusted 0.11%
MoM in January, below market forecasts for a 0.01% increase.
According to the index, the economic growth dropped 1.75%
from January 2014, a gauge of farming, industry and services
activity seen as an advance indicator for GDP data, which is
released quarterly. According to analysts' expectations, as
gauged in weekly central bank surveys, the economy is seen
sliding toward its worst recession in 25 years. (Reuters)
Regional
 CCHI renews Bupa Arabia license – Bupa Arabia For
Cooperative Insurance Company has received approval from
the Secretary General of the Council of Cooperative Health

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Insurance (CCHI) regarding the renewal of its CCHI license,
starting from March 10, 2015 for one year. (Tadawul)
 Takween continues with SPSC takeover formalities –
Takween Advanced Industries has signed a shareholder
resolution to amend the Articles of Association (AoA) of Savola
Packaging Systems Company (SPSC) related to the transfer of
Savola’s shares to Takween. Earlier, Takween had signed an
agreement with Savola Group to acquire its subsidiary, SPSC.
The transaction is still subject to payment of the full purchase
price by Takween to Savola and the transfer of all shares of
SPSC’s subsidiaries to Takween. (Tadawul)
 Saudia to expand Bahrain operations – Abdulrahman Al-
Fahad, Vice President Public Relations at Saudi Arabian Airlines
(Saudia) said that the airline is expanding its operations to
Bahrain by adding 29,000 seats on its scheduled flights from
Jeddah and Riyadh to Manama. He said the number of flights
from Saudi Arabia to Bahrain has been increased to 38 flights
weekly, registering a 33% rise. He further said that Saudia will
expand its operations to international destinations with the
arrival of newly purchased aircraft. The airline has already
received 77 of 90 aircraft that it had ordered from both Airbus
and Boeing. (GulfBase.com)
 Alkhabeer Capital’s net income rises 32.3% in 2014 –
Alkhabeer Capital reported net income of SR57.3mn for 2014,
up 32.3% over 2013, with its total revenues growing by 26% to
SR158.2mn, and earnings per share rising by 32% to SR0.7.
The total assets under management stood at SR3.3bn at the
end of December 2014, growing by 34% YoY, while the market
value of Alkhabeer’s investment portfolio increased by 5.7% to
SR709mn. (GulfBase.com)
 Gammon eyes $4.5bn India thermal project – Gammon Saudi
Arabia’s CEO, Faiz Al-Abideen said that the company is
planning to invest $4.5bn on thermal power projects in India. He
said Gammon has also signed deals to construct two residential
towers with 30-floors each in Sri Lanka. The company has also
agreed to develop five-acres of seafront in Colombo, and a
condominium with a 100-room hotel. Gammon will invest around
$30mn in the project. (GulfBase.com)
 UCA receives yearly requalification from CCHI – United
Cooperative Assurance Company (UCA) has received the
receipt of yearly requalification from the Council of Cooperative
Health Insurance (CCHI), on March 10, 2015 for one year.
(Tadawul)
 Amiantit seeks nod for not distributing dividends – Saudi
Arabian Amiantit Company (Amiantit) has invited its
shareholders to approve the recommendations of the board of
directors for not declaring any dividend for the year ended
December 31, 2014. (Tadawul)
 Egis consortium to undertake design studies for Medina
Metro – The Medina Metro Development Authority (MMDA) has
contracted a consortium led by Egis and Systra to carry out
design studies of metro network in the holy city. Under the
contract, the consortium will undertake feasibility studies for
green, red and blue lines of the proposed metro, covering a total
of 95 kilometers, including 25km underground and 48km
overhead tracks. In addition, the agreement includes the
development of a preliminary design for the metro, including the
tender documentation for design & build contracts. (Bloomberg)
 Saudi developer inks accord with Egypt for $5.7bn projects
– Egypt's Minister of Housing, Mustafa Madbouly said the
ministry has signed MoUs with Egypt-based Mountain View and
Saudi-based Sisban Holdings for two real estate projects. A
MoU is also signed with an Egyptian listed developer Palm Hills
for a third project. He said that Mountain View and Sisban will
develop 500 acres in New Cairo at a cost of $3bn, and 470
acres in the ‘6th of October City’ at a cost of $2.7bn. Palm Hills
will develop 500 acres in New Cairo at a cost of $3bn, while a
consortium of Arab firms will develop a tourist town on 557 acres
in 6th of October City on the outskirts of Cairo for $4bn.
(GulfBase.com)
 MoF: UAE’s industrial investment grows to AED125bn –
According to latest statistics from the Ministry of Finance’s
(MoF) Industrial License Department, the capital invested in
various industrial installations in the UAE reached AED125bn by
the end of September 2014, distributed over 5,878 facilities. This
represents an increase of 3.1% YoY. The number of industrial
installations rose by 257 facilities in 2014 to reach 5,621
facilities, a growth by 4.5% as compared to 5,364 facilities in
2013. (GulfBase.com)
 Emaar not involved in Egypt's new capital city project –
Emaar Properties clarified that it is not involved in the
development of Egypt’s new capital city project. The project will
be developed by Capital City Partners, which is not related to
Emaar. (DFM)
 Mashreq bids to acquire Citigroup’s consumer banking in
Egypt – The National reported that Mashreq Bank has joined
the list of potential buyers for Citigroup’s Egyptian consumer
banking operations. Abdul Aziz Al Ghurair, Mashreq Bank’s
Chief Executive stated that the bank is keen to expand into the
Arab world’s most populous nation, since there are not many
places left for expansion in the Arab world. Earlier, Abu Dhabi
Islamic Bank (ADIB) said that it was in the final rounds of the
sale process. Emirates NBD is also reported to be participating
in the bid. (GulfBase.com)
 TTC appoints SamTech as its M2M solution partner –
Thuraya Telecommunications Company (TTC) has entered into
a partnership with SamTech Middle East. The agreement will
enable SamTech to provide smart M2M solutions to transport
and logistics enterprises across the Middle East & Africa, by
using TTC’s satellite network for cost-effective roaming and
uninterrupted connectivity. TTC is a mobile satellite services
operator, while SamTech is a Dubai-based provider of fleet
management solutions. (GulfBase.com)
 Dubai Investments to float group member in 2016 – Dubai
Investments’ (DI) CEO, Khalid bin Kalban said the group is
planning to float the shares of at least one subsidiary company
in the group in 2016. DI has around 35 to 40 subsidiaries.
Meanwhile, DI is planning to further diversify its business by
foraying into new sectors and newer markets across the globe in
the near future. As part of its strategic growth plans, the
company is investing in a wide array of sectors including asset
management, education, healthcare and energy sectors,
besides reinforcing its leadership in real estate, financial
investments and manufacturing domains. (GulfBase.com,
Reuters)
 IPIC, Orascom to build 3,000 MW coal power plant in Egypt
– A consortium of Abu Dhabi-based International Petroleum
Investment Company (IPIC) and Orascom Construction has won
a contract to build a coal-fired power plant with 3,000 megawatts
(MW) capacity in Egypt. Both the entities have signed a
development agreement in addition to the existing MoU inked
with the Egyptian government in November 2014. Orascom said
that the project’s first of two phases are expected to cost around
$3bn, while the funding will be made through a mixture of debt
and sponsor equity. The National Bank of Abu Dhabi will be
acting as the project’s co-financial advisor. (GulfBase.com)

5. Page 5 of 6
 Smiths Detection wins $125mn Abu Dhabi airport contract –
UK-based Smiths Detection, part of global technology business
Smiths Group, has won a contract worth $125mn to provide a
comprehensive range of advanced detection equipment for Abu
Dhabi Airport’s new terminal. Smiths Detection will equip the
terminal’s entire hold baggage and passenger screening
checkpoints as part of the Midfield Terminal Building Project.
(GulfBase.com)
 Kuwait plans to introduce corporate tax as oil slumps –
Kuwait’s Commerce & Industry Minister Abdulmohsen al-Mudej
said that Kuwait has sought help from the International Monetary
Fund (IMF) to introduce corporate taxes in a bid to diversify
revenue in the face of falling oil prices. He said that IMF will
prepare a preliminary report on how to impose taxes on
companies in Kuwait. Kuwait currently imposes no taxes on
local companies, Kuwaiti citizens and expatriates but it requires
foreign firms to pay 15% tax on their profits. (Peninsula Qatar)
 SBJ awards residential contract to TCC – Saraya Bandar
Jissah (SBJ), the developer of Oman’s newest integrated
tourism complex has awarded two major contracts for
constructing its Wajd and Nameer residential zones to Towell
Construction & Company (TCC), which is a part of WJ Towell &
Company. The first of the two residential zones, Nameer is set
on the beachfront, consisting of a mixture of three and four-
bedroom villas. The Wajd residential zone will have 22 villas.
(GulfBase.com)
 Batelco signs supply agreement with China Unicom –
Bahrain Telecommunications Company (Batelco) has signed a
master bilateral supply agreement with China Unicom Hong
Kong during the annual Capacity Middle East 2015 event in
Dubai. This agreement will allow Batelco and China Unicom to
access each other’s networks, enabling them to extend their
reach into new locations. This will further reinforce Batelco’s
positioning in the Asian market and allow customers more
access and reliability. China Unicom offers fixed and mobile
telecom services for customers through its extensive domestic
and international network. (Bahrain Bourse)
 BFHHC appoints new CEO – Bahrain Financial Harbour
Holding Company (BFHHC) has appointed Angus Campbell as
the new Chief Executive Officer (CEO) of both BFHHC and the
Financial Centre Development Company (FCDC). The two
companies are the developers of the waterfront financial city in
Bahrain. (GulfBase.com)
 CBB’s Treasury Bills oversubscribed by 180% – The Central
Bank of Bahrain (CBB) announced that the latest issue of
Treasury Bills worth BHD70mn has been oversubscribed by
180%. The issue date of the bills is March 18, 2015 with a
maturity of 91 days. The weighted average rate of interest on
the bills is 0.81%, as compared to 0.78%, for the previous issue
on March 11, 2015. (GulfBase.com)

6. Contacts
Saugata Sarkar Abdullah Amin, CFA Ahmed Al-Khoudary
Head of Research Senior Research Analyst Head of Sales Trading – Institutional
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6548
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa
Sahbi Kasraoui QNB Financial Services SPC
Manager – HNWI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 PO Box 24025
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
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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
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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
Feb-11 Feb-12 Feb-13 Feb-14 Feb-15
QSE Index S&P Pan Arab S&P GCC
(2.0%)
(1.7%)
(0.4%) (0.6%) (0.7%)
(1.3%)
(2.6%)(3.0%)
(2.4%)
(1.8%)
(1.2%)
(0.6%)
0.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,154.86 (0.3) (0.3) (2.5) MSCI World Index 1,740.09 1.2 1.2 1.8
Silver/Ounce 15.65 (0.0) (0.0) (0.3) DJ Industrial 17,977.42 1.3 1.3 0.9
Crude Oil (Brent)/Barrel (FM
Future)
53.44 (2.2) (2.2) (6.8) S&P 500 2,081.19 1.4 1.4 1.1
Crude Oil (WTI)/Barrel (FM
Future)
43.88 (2.1) (2.1) (17.6) NASDAQ 100 4,929.51 1.2 1.2 4.1
Natural Gas (Henry
Hub)/MMBtu
2.66 (1.1) (1.1) (11.1) STOXX 600 400.18 1.8 1.8 2.2
LPG Propane (Arab Gulf)/Ton 51.88 (1.7) (1.7) 5.9 DAX 12,167.72 3.2 3.2 8.1
LPG Butane (Arab Gulf)/Ton 59.00 (2.3) (2.3) (6.0) FTSE 100 6,804.08 1.7 1.7 (1.3)
Euro 1.06 0.7 0.7 (12.6) CAC 40 5,061.16 2.0 2.0 3.7
Yen 121.34 (0.0) (0.0) 1.3 Nikkei 19,246.06 (0.1) (0.1) 8.6
GBP 1.48 0.6 0.6 (4.8) MSCI EM 940.57 0.1 0.1 (1.6)
CHF 0.99 (0.3) (0.3) (1.3) SHANGHAI SE Composite 3,449.31 2.2 2.2 5.7
AUD 0.76 0.0 0.0 (6.5) HANG SENG 23,949.55 0.6 0.6 1.3
USD Index 99.60 (0.7) (0.7) 10.3 BSE SENSEX 28,437.71 0.3 0.3 4.1
RUB 62.20 (0.1) (0.1) 2.4 Bovespa 48,848.21 1.3 1.3 (19.8)
BRL 0.31 0.1 0.1 (18.3) RTS 812.88 (2.5) (2.5) 2.8
169.0
137.8
126.2