The QSE Index rose 1.1% led by gains in the Banks & Fin. Ser. and Insurance indices. Top gainers were Gulf International Services (+10%) and Salam International Investment Co. (+4.9%). Top losers were Islamic Holding Group (-10%) and Dlala Brokerage & Investments Holding (-7.9%). Volume fell 30.5% but was higher than the 30-day average. Regional indices in Saudi Arabia, Dubai, Abu Dhabi, and Oman rose as well while Kuwait and Bahrain gained less than 2%. Qatar's November CPI rose 3% YoY with price increases in most groups.

1. Page 1 of 9
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 1.1% to close at 11,181.7. Gains were led by the Banks &
Fin. Ser. and Insurance indices, rising 1.6% and 1.2%, respectively. Top gainers
were Gulf International Services and Salam International Investment Co., rising
10.0% and 4.9%, respectively. Among the top losers, Islamic Holding Group
declined 10.0%, while Dlala Brokerage & Investments Holding was down 7.9%.
GCC Commentary
Saudi Arabia: The TASI Index rose 8.9% to close at 8,320.6. Gains were led
by the Transport and Industrial Investment, indices rising 11.9% and 10.2%,
respectively. Ace Arabia Coop. Ins. and Riyad Bank were up 10.0% each.
Dubai: The DFM Index gained 13.0% to close at 3,426.7. The Services and
Real Estate & Construction indices surged 15.0% each. Arabtec and Emaar
Malls Group were up 15.0% each.
Abu Dhabi: The ADX benchmark index rose 6.7% to close at 4,365.2. The
Real Estate index surged 14.8%, while the Energy index rose 10.7%. Abu
Dhabi Commercial Bank and Aldar Properties were up 15.0% each.
Kuwait: The KSE Index rose 1.9% to close at 6,230.1. The Real Estate index
gained 3.4%, while the Financial Services index was up 3.3%. Al Qurain
Holding surged 16.0%, while Al-Dar National Real Estate Co. was up 13.9%.
Oman: The MSM Index rose 3.7% to close at 5,684.7. Gains were led by the
Financial and Services indices, rising 4.1% and 2.7%, respectively. Bank
Sohar gained 9.8%, while Almaha Ceramics was up 9.5%.
Bahrain: The BHB Index gained 0.9% to close at 1,390.0. The Industrial index
rose 1.4%, while the Investment index was up 1.2%. United Gulf Bank rose
9.5%, while Al-Ahli United Bank was up 2.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Gulf International Services 79.50 10.0 819.8 62.9
Salam International Investment Co. 13.18 4.9 533.1 1.3
Qatar General Ins. and Reins. Co. 44.80 4.2 1.0 12.2
Qatar Oman Investment Co. 11.76 4.1 282.0 (6.1)
QNB Group 210.00 3.3 343.2 22.1
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 14.00 0.0 2,389.8 30.7
Barwa Real Estate Co. 35.50 (3.8) 1,645.7 19.1
Ezdan Holding Group 13.32 1.1 1,098.3 (21.6)
Masraf Al Rayan 41.70 0.2 980.8 33.2
Commercial Bank of Qatar 62.50 (0.5) 905.4 5.9
Market Indicators 17 Dec 14 16 Dec 14 %Chg.
Value Traded (QR mn) 643.1 929.4 (30.8)
Exch. Market Cap. (QR mn) 618,599.9 611,961.3 1.1
Volume (mn) 14.1 20.3 (30.5)
Number of Transactions 7,846 8,192 (4.2)
Companies Traded 41 41 0.0
Market Breadth 25:12 5:34 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,677.33 1.1 (5.3) 12.5 N/A
All Share Index 2,851.86 1.0 (5.7) 10.2 13.6
Banks 3,020.15 1.6 (1.6) 23.6 14.0
Industrials 3,607.57 0.9 (7.3) 3.1 12.6
Transportation 2,030.21 1.0 (6.9) 9.2 11.9
Real Estate 1,968.80 (0.1) (13.0) 0.8 17.2
Insurance 3,349.85 1.2 (3.6) 43.4 10.3
Telecoms 1,278.80 0.0 (6.8) (12.0) 17.7
Consumer 6,075.93 0.9 (8.7) 2.1 24.4
Al Rayan Islamic Index 3,599.81 (0.1) (9.4) 18.6 15.0
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Com. Bank Abu Dhabi 6.90 15.0 12,713.8 6.2
Dana Gas Abu Dhabi 0.46 15.0 45,688.3 (49.5)
Aldar Properties Abu Dhabi 2.30 15.0 39,088.1 (16.7)
Arabtec Holding Co. Dubai 2.76 15.0 127,305.2 34.6
Drake & Scull Int. Dubai 0.75 15.0 19,680.1 (47.7)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nat. Mobile Telecom. Kuwait 1.32 (4.3) 3.0 (25.0)
Boubyan Petrochem. Co. Kuwait 0.61 (1.6) 54.6 (1.5)
Bahrain Telecom Co. Bahrain 0.33 (1.2) 21.8 15.5
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%
Islamic Holding Group 146.30 (10.0) 41.5 218.0
Dlala Brokerage & Inv. Hold. Co. 36.00 (7.9) 255.7 62.9
Qatar Islamic Insurance Co. 64.60 (6.8) 2.6 11.6
Barwa Real Estate Co. 35.50 (3.8) 1,645.7 19.1
Qatar Electricity & Water Co. 165.70 (2.5) 258.1 0.2
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 210.00 3.3 71,098.3 22.1
Gulf International Services 79.50 10.0 63,643.1 62.9
Barwa Real Estate Co. 35.50 (3.8) 59,884.9 19.1
Industries Qatar 162.00 (0.1) 57,919.1 (4.1)
Commercial Bank of Qatar 62.50 (0.5) 56,458.9 5.9
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*#
11,181.65 1.1 (5.3) (12.4) 7.7 176.60 169,867.5 14.4 1.8 4.2
Dubai 3,426.70 13.0 (4.7) (20.0) 1.7 508.18 81,447.8 9.9 1.3 5.8
Abu Dhabi 4,365.19 6.7 (0.1) (6.6) 1.7 182.97 120,341.6 11.8 1.5 3.8
Saudi Arabia 8,320.55 8.9 (0.9) (3.5) (2.5) 3,000.30 486,250.1 15.8 2.0 3.3
Kuwait 6,230.09 1.9 (3.6) (7.7) (17.5) 157.67 94,725.8 16.0 1.0 4.1
Oman 5,684.68 3.7 (2.1) (12.6) (16.8) 20.32 22,150.0 8.0 1.2 5.0
Bahrain 1,389.96 0.9 (0.0) (2.7) 11.3 0.92 53,502.3 10.1 0.9 4.9
Source: Bloomberg, Qatar Stock Exchange, Tadawul, MSM, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any;
#
Values as of 17 December, 2014)
11,000
11,050
11,100
11,150
11,200
11,250
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 9
Qatar Market Commentary
 The QSE Index rose 1.1% to close at 11,181.7. The Banks &
Financial Ser. and Insurance indices led the gains. The index
rose on the back of buying support from Qatari shareholders
despite selling pressure from non-Qatari shareholders.
 Gulf International Services and Salam International Investment
Co. were the top gainers, rising 10.0% and 4.9%, respectively.
Among the top losers, Islamic Holding Group declined 10.0%,
while Dlala Brokerage & Invest. Holding Co. was down 7.9%.
 Volume of shares traded on Wednesday fell by 30.5% to 14.1mn
from 20.3mn on Tuesday. However, as compared to the 30-day
moving average of 13.5mn, volume for the day was 4.2% higher.
Vodafone Qatar and Barwa Real Estate Co. were the most
active stocks, contributing 17.0% and 11.7% to the total volume
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Arab National
Bank (ANB)
S&P
Saudi
Arabia
LT CCR/ST CCR A/A-1 A/A-1 – Stable 
Banque Saudi
Fransi (BSF)
S&P
Saudi
Arabia
LT CCR/ST CCR A/A-1 A/A-1 – Stable 
The Saudi British
Bank (SABB)
S&P
Saudi
Arabia
LT CCR/ST CCR A/A-1 A/A-1 – Stable 
Source: News reports (* LT – Long Term, ST – Short Term, FSR– Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating,
LC – Local Currency, CCR – Counterparty Credit Ratings, CR – Corporate Rating)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
12/18 US Department of Labor Initial Jobless Claims 13-December 289K 295K 295K
12/18 US Department of Labor Continuing Claims 6-December 2,373K 2,436K 2,520K
12/18 US Markit Markit US Composite PMI December 53.8 – 56.1
12/18 US Markit Markit US Services PMI December 53.6 56.3 56.2
12/18 US Bloomberg Bloomberg Consumer Comfort 14-December 41.7 – 41.3
12/18 US Bloomberg Bloomberg Economic Expectations December 51.0 – 47.0
12/18 US Philadelphia Fed. Res. Philadelphia Fed Business Outlook December 24.5 26.0 40.8
12/18 EU Eurostat Construction Output MoM October 1.30% – -1.00%
12/18 EU Eurostat Construction Output YoY October 1.40% – -2.00%
12/19 EU European Central Bank ECB Current Account SA October 20.5B – 32.0B
12/19 EU European Central Bank Current Account NSA October 30.6B – 32.9B
12/19 France INSEE National Stat. Offi Own-Company Production Outlook December 4.0 – 8.0
12/19 France INSEE National Stat. Offi Production Outlook Indicator December -16.0 – -16.0
12/19 France INSEE National Stat. Offi Manufacturing Confidence December 99.0 99.0 99.0
12/19 France INSEE National Stat. Offi Business Confidence December 94.0 95.0 94.0
12/18 Germany IFO Institute IFO Business Climate December 105.5 105.5 104.7
12/18 Germany IFO Institute -Institut fuer IFO Current Assessment December 110.0 110.4 110.0
12/18 Germany IFO Institute Institut fuer IFO Expectations December 101.1 100.5 99.8
12/19 Germany Federal Statistical Off PPI MoM November 0.00% -0.20% -0.20%
12/19 Germany Federal Statistical Off PPI YoY November -0.90% -1.10% -1.00%
12/19 Germany GfK AG GfK Consumer Confidence January 9.0 8.8 8.7
12/19 Italy ISTAT Industrial Sales MoM October 0.40% – -0.40%
12/19 Italy ISTAT Industrial Sales WDA YoY October -0.70% – -2.20%
12/19 Italy ISTAT Industrial Orders MoM October 0.10% – -1.50%
12/19 Italy ISTAT Industrial Orders NSA YoY October -0.20% – -0.40%
12/19 Italy ISTAT Hourly Wages MoM November 0.10% – 0.10%
12/19 Italy ISTAT Hourly Wages YoY November 1.10% – 1.00%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 58.22% 44.25% 89,837,191.06
Non-Qatari 41.78% 55.74% (89,837,191.06)

3. Page 3 of 9
News
Qatar
 MDPS: Qatar November CPI rises 3% YoY – According to the
Ministry of Development Planning & Statistics (MDPS), the
Consumer Price Index (CPI) in Qatar reached 119.0 points in
November 2014, showing no change, as compared to the CPI of
October 2014, but rising 3.0% YoY over November 2013. This
stability resulted from the combined effect of price changes in
the main groups. The price increases are observed in most of
the groups: garments & footwear by 0.2%, rentals, fuel & energy
by 0.1%, furniture, textiles & home appliances by 0.1%,
entertainment, recreation & culture by 0.3%. On the other hand,
the prices of transport & communication, and miscellaneous
goods & services fell 0.3% and 0.7% respectively, during this
month. However, the prices of food, beverages & tobacco, and
medical care remained unchanged. On a YoY basis, the price
increases are observed in all of the groups except
miscellaneous goods & services where the index decline by
0.4%. Increases have been registered in: food, beverages &
tobacco by 0. 1%, garments and footwear by 2.9%, rentals, fuel
& energy by 7.6%, (mainly hikes noticed in rentals of residential
buildings), furniture, textiles & home appliances by 3.8%,
medical care by 0.8%, transport and communication and
miscellaneous goods & services by 1.5% each. The CPI of
November 2014, excluding rentals, fuel and energy group,
reached 128.4 points, recording a decrease of 0.1% as
compared to October 2014 and a rise by 1.4% as compared to
November 2013. (QSA)
 NBK: Qatar’s current account surplus to narrow in 2015 –
According to the National Bank of Kuwait’s (NBK) ‘MENA
Outlook for 1Q2015’, Qatar’s current account surplus, which
stands at an estimated 27.6% of GDP in 2014, is projected to
narrow to 21.2% in 2015 and 16.6% of GDP in 2016 due to a
combination of factors. The surplus, which is quite large by
international standards, will decrease due to stagnating LNG
and crude oil exports, softer energy prices and rising imports.
While export growth is expected to level off, the commissioning
of the Barzan facility should provide some increase in exports of
products associated with gas production. On the other hand,
imports will continue to be spurred by population growth and the
needs of the development plan. The NBK outlook expects the
pace of accumulation of foreign exchange reserves will slow,
which increased to a record high of $45.3bn in October 2014.
Meanwhile, NBK expects Qatar’s budget surplus to narrow down
from an estimated 10.8% of GDP in 2014 to 8.0% and 5.0% of
GDP in 2015 and 2016, respectively. Revenue growth is
expected to moderate due to the impact of lower energy prices
on hydrocarbon revenues, which account for at least 55% of
total state revenues. An environment of softer oil and gas prices
is expected to persist during the forecast period. Exports of
manufactured products, receipts from corporate taxes and
income from investments, on the other hand, are expected to
increase. On the expenditures side, development spending
including outlays on public infrastructure projects is expected to
accelerate and come in above 35% of total expenditures and
10% of GDP as project execution picks up. However, the current
expenditure growth, including salaries, is expected to be more
restrained. (Peninsula Qatar)
 QNBFS: Public sector pulls down Qatar banks’ credit
growth in November – The loan book decreased by 0.1%
MoM (up 7.8% YTD) while deposits increased by 1.2% MoM
(+9.3% YTD) in the month of November 2014. Public sector
pulled total credit growth down (down 2.4% MoM in November),
as private sector posted a healthy growth of 1.5% MoM.
Moreover, deposits gained by 1.2% MoM (deposits were flat
MoM in the month of October). Thus, the LDR declined to 104%
vs. 105% in October. The public sector deposits increased
by 0.1% MoM (+6.4% YTD 2014) for the month of November
2014. Delving into segment details, the government institutions’
segment (represents ~58% of public sector deposits) improved
by 1.8% MoM (+13.4% YTD 2014). Moreover, the semi-
government institutions’ segment posted a growth of 5.7% MoM
(up 5.8% YTD 2014). However, the government segment
decreased by 6.3% MoM (down 6.0% YTD). On the other
hand, private sector deposits increased by 0.4% MoM
(+9.6% YTD 2014). On the private sector front, the companies &
institutions’ segment increased by 1.0% MoM (+9.1% YTD
2014) while the consumer segment posted a decline of 0.1%
MoM (up 10.0% YTD). Non-resident deposits drove the growth
MoM (+15.1% MoM and +26.8% YTD). The overall loan book
posted a flat performance. Total domestic public sector loans
decreased by 2.4% MoM (also down 7.9% YTD). The
government segment’s loan book went down by 10.7% MoM
(also down 9.3% YTD 2014). Moreover, the government
institutions’ segment (represents ~60% of public sector loans)
declined by 1.1% MoM and is down 12.8% YTD. However, the
semi-government institutions’ segment grew by 6.6% MoM
(+18.8% YTD). Hence, the government and government
institutions pulled the overall loan book down for the month of
November 2014. Private sector loans gained by 1.5% MoM
and are up 15.5% YTD. General Trade followed by Services
and Contractors positively contributed toward the loan growth.
On the other hand, the Real Estate sector pulled credit growth
down in the month of November 2014. General Trade
(contributes ~14% to private sector loans) increased by 4.9%
MoM. Services (contributes ~18% to private sector loans)
increased by 3.4% MoM (+15.6% YTD). Contractors
(contributes ~9% to private sector loans) increased by 2.1%
MoM. However, Real Estate segment (contributes ~26% to
private sector loans) declined by 0.5% MoM (+5.2% YTD).
Overall, the segments representing General Trade (+33.3%
YTD) and Contractors (+25.6% YTD) are the best performing
segments in the private sector YTD. On the other hand, the
Industry segment is flattish YTD. (QNBFS Research)
 Suez Environnement gets €94mn contract for Doha West
wastewater treatment plant expansion – The Public Works
Authority (Ashghal) has commissioned Suez Environnement
through its subsidiary Degrémont, in a consortium with its
Japanese partner Marubeni Corporation, to expand the Doha
West wastewater treatment and recycling plant. The total
contract is worth €178mn, out of which €94mn is for Suez
Environnement. This expansion will increase the plant’s
treatment capacity by an additional 105,000 cubic meters a day
to 280,000 cubic meters a day. The plant will be able to manage
the wastewater of 1,040,000 people in Doha city. (Company
Press Release)
 QTA: $45bn investments seen in tourism projects in Qatar
up to 2030 – The Qatar Tourism Authority’s (QTA) Chairman,
Issa bin Mohamed Al-Mohannadi, said that investments worth
up to $45bn are projected for tourism-related projects in Qatar
up to 2030. There is a projected investment of $11.5bn in the
tourism sector alone up to 2030. He said the authority is
introducing the National Tourism Strategy 2030 to continue to
develop Qatar as a destination while strengthening the tourism
industry, which will have various socio-economic benefits on a
national scale in addition to helping prepare for the FIFA World
Cup. (Zawya)
 Jeeves of Belgravia forms JV with Fardan Hospitality –
Jeeves of Belgravia, a London-based garment care company,

4. Page 4 of 9
announced the opening of its operations in Qatar to capitalize on
the growing regional demand for world-class dry cleaning and
laundry services from the affluent market. The flagship operation
is brought to Qatar through a JV between Jeeves of Belgravia
Bahrain and Doha-based Al Fardan Hospitality Group.
(Bloomberg)
 GOIC: Qatar’s scientific R&D outlay tops GCC – According to
the Gulf Organization for Industrial Consulting (GOIC), Qatar
has a solid footing in scientific research & development (R&D)
with an allocation of 2.8% of its GDP, which is more than the
developed world’s average and much higher than the GCC
average. Developed countries allot around 2.5% of their GDP to
R&D activities, in which the private sector contributes around
80% of the total cost. Spending on R&D in the GCC countries is
low, which is only 0.2% of the GDP. GOIC stated that GCC
countries need to improve their performance on the basis of the
competitive industrial performance index to identify new
industrial scenarios. (GulfBase.com)
 Part of Al Rayyan Road to remain closed for two and a half
months – The Public Works Authority (Ashghal) has announced
that it will close a 700 meter stretch of Al Rayyan Road from the
Al Diwan intersection to Al Jasra intersection, as part of
construction works to develop Al Rayyan Road - Jassim Bin
Mohamed Street. The section of the road will remain open in the
opposite direction (Al Jasra intersection to Al Diwan
intersection). Meanwhile, Ashghal announced the opening of
East Industrial Street to traffic after completion of the main
construction works. East Industrial Street is one of the major
road projects undertaken in the Doha Industrial Area. (Gulf-
Times.com)
 CBQK launches mPOS – The Commercial Bank of Qatar
(CBQK) has announced the launch of mPOS (mobile point of
sale), a new way of accepting payments specifically designed to
support merchants’ growing use of mobile devices. CBQK’s
EGM and Head of Retail & Enterprise Dean Proctor said that
retail businesses are looking for secure and portable ways to
accept payments beyond just cash and promote their business
to a broader customer base. (Gulf-Times.com)
 ORDS offers ‘Cloud Marketplace’ smart technology to SMBs
– Ooredoo (ORDS) has launched the Ooredoo ‘Smart Cloud
Marketplace’, which enables small & medium-sized businesses
(SMBs) to enter Qatar’s smart technology market. SMB
customers can rent virtual cloud-based business software and
applications on the marketplace’s online portal, which were
previously only available for large enterprises and required
significant investment. The software applications can be used
from any location and on any mobile device, delivering flexibility
and value-for-money. The marketplace has been launched with
six applications across the fields of security, video collaboration,
marketing, storage, backup and homepage builder. (Gulf-
Times.com)
 KCBK BoD approves new budget – Al Khalij Commercial
Bank’s (KCBK) board of directors in a meeting approved the
new budget as well as discussed on a number of governance
items including new and revised policies and considered certain
activities, projects and business of the bank. (QSE)
International
 Dollar resumes climb as Fed signals rate rise in 2015 – A
gauge of the US dollar rose for the eighth time in nine weeks
after the Federal Reserve Chairperson Janet Yellen signaled
that the central bank is poised to increase its interest rates in
2015, starting as early as April. The greenback headed for gains
this year against almost all currencies, a major feat
unaccomplished since 1997, as Yellen said the impact of
Russian turmoil on the US economy is small. Meanwhile,
Hungary’s forint and the Polish zloty sank on concerns about the
economic crisis that has driven the Russian ruble down 44% this
year. The Swiss franc weakened the most in two months versus
the euro after the central bank introduced negative interest
rates. (Bloomberg)
 Citigroup buys Credit Suisse commodities trading;
Deutsche Bank weighs investment bank cuts – Global
banking major Citigroup has bought the commodity trading
books of Credit Suisse, as the US bank extends its reach in the
sector while others retreat. Citigroup will buy Credit Suisse's
trading books on base and precious metals, coal, iron ore,
freight, crude oil products and US and European natural gas.
This move follows its purchase of Deutsche Bank's metals, oils
and power books earlier this year. Credit Suisse had announced
in July that it was exiting commodities trading as tighter
regulations and higher capital requirements squeezed its profits.
Meanwhile, Deutsche Bank AG is poised to trim additional
businesses at its securities unit to boost returns after scaling
back in credit derivatives. Co-CEO Anshu Jain has said
Deutsche Bank remains Europe’s last global investment bank,
as competitors retreat. The bank’s reliance on debt trading has
not been rewarded by investors this year, since revenues
declined and capital requirements increased. (Reuters,
Bloomberg)
 GfK: German consumer morale highest in 8 years – A recent
survey by research group GfK showed consumer sentiment in
Germany reached its highest level in eight years, heading into
January as shoppers expect Europe's largest economy to gain
momentum. GfK said its forward-looking consumer sentiment
indicator, based on a survey of around 2,000 Germans, rose to
9.0 going into January from 8.7 in December. This was the
highest reading since December 2006, which beats the Reuters’
consensus forecast for a reading of 8.8. (Reuters)
 ECB will not hesitate to act if needed; expects negative
inflation rate in 2015 – The European Central Bank (ECB)
Executive Board Member Peter Praet said that the bank will not
hesitate to act if needed, including the possibility of the central
bank buying sovereign bonds. With the Eurozone inflation
standing far below its target of around 2%, the central bank is
ready to review its policy stance early in 2015 and consider
printing money to buy sovereign bonds (quantitative easing).
This strategy is widely seen as the ECB's last resort to prevent a
slide into deflation since it has largely exhausted its policy tool-
kit, with its main interest rate at a record-low 0.05%. Meanwhile,
ECB Vice President Vitor Constancio said he expected the
Eurozone inflation rate to turn negative in the coming months
but said that this was just a temporary phenomenon and he did
not see a risk of deflation. Annual inflation in the Eurozone
slowed to 0.3% in November as energy prices fell, putting it well
below the ECB's target. In early December, the ECB had
forecast 0.7% inflation for 2015, but Constancio told oil prices
had fallen by an extra 15% since then and that, while this should
support growth and so drive up inflation in the longer term, it
created a tricky situation in the short-term. (Reuters)
 BoJ keeps record easing as oil price tumble – The Bank of
Japan (BoJ) maintained its unprecedented stimulus, as
Governor Haruhiko Kuroda’s bid to stoke inflation faces
increasing challenges from the recent tumble in crude oil prices.
The central bank said that it will boost the monetary base at an
annual pace of $670bn. Kuroda said the slide in oil could weigh
on consumer price gains in the first half of the year starting in
April 2015. The BoJ said Japanese exports have shown signs of
picking up, while production has started to bottom out, striking a

5. Page 5 of 9
more upbeat tone in its view of the world’s third-largest
economy. Oil has lost more than a quarter of its value since the
central bank boosted easing on October 31 to end a deflationary
mindset. (Bloomberg)
 China cuts red-tape for foreign bank branches; revises
3Q2014 current account surplus – China has cut red-tape for
foreign bank branch openings and entry into Chinese Renminbi
(RMB) business, the latest in a series of measures to liberalize
the banking sector. The state cabinet revised the existing rules
by abolishing the requirement for foreign-owned and joint-stock
banks to inject CNY100mn or an equivalent in other currencies
of working capital into a newly opened branch, which should
speed up the approval process. These revisions also lower the
threshold for foreign banks to enter the RMB business.
Meanwhile, the State Administration of Foreign Exchange said
that the country revised down its current account surplus for
3Q2014 to $72.2bn from a preliminary figure of $81.5bn. The
foreign exchange regulator also sharply revised down the
country's capital and financial account deficit for 3Q2014 to
$9bn from $81.6bn. (Reuters)
Regional
 BHB sign MoU with DFM for swift transfer of securities from
2H2015 – Bahrain Bourse (BHB) signed a MoU with Dubai
Financial Market (DFM) to introduce an electronic system that
represents a significant advance in the method of share transfer
between the two exchanges, by enabling investors to transfer
their shares easily and quickly. DFM listed securities currently
include three Bahraini companies: Gulf Finance House, Al
Salam Bahrain Bank and Arab Insurance Group (ARIG). It has
been agreed to introduce the new electronic system during the
2H2015, enabling swift share transfers to be executed during
the official working hours of the exchanges. A total of
4,707,846,560 shares in those companies have been
transferred to DFM. This MoU underlines the strong cooperation
between both markets which aims at achieving the ultimate
objective of integrating GCC markets and improve the quality of
services provided to investors and companies. (Bahrain Bourse)
 IDC: MEA ICT spending to cross $270bn in 2015 –
International Data Corporation’s (IDC) Software Research
Manager Megha Kumar said accelerating innovation on social,
mobile, cloud and big data is expected to fuel information and
communications technology (ICT) spending in the Middle East
and Africa (MEA) by 9% in 2015 to more than $270bn. Among
the Gulf countries, Qatar is expected to see the biggest
percentage growth in spending (by 11.36%), followed by Saudi
Arabia by 5.44% and the UAE by 5.32%. She said majority of
the growth will come from software, services and mobile
phones, while wireless and fixed data will drive the growth in
telecom services. (GulfBase.com)
 StanChart: Oil decline may hit GCC fiscal balance, growth –
According to a report by Standard Chartered bank (StanChart),
Gulf countries may see an impact on their fiscal balances and
growth from the drop in Brent crude oil prices and the possibility
of production cuts later in 2015. StanChart said that positive
signals are seen in MENA (Middle East and North Africa)
economies that have gone through political transitions, and are
now undergoing economic transitions and implementing the right
economic reforms. StanChart see three important themes for the
region in 2015. First, the growth dynamics of the major oil
exporters will be adversely affected, while positive growth
signals is seen from some oil importers that have implemented
reforms and are benefiting from investment inflows. Second, as
recent oil-price moves have shown, fiscal spending that is
heavily dependent on the hydrocarbon sector cannot rise
indefinitely. Finally, reducing high energy subsidies in the MENA
region may be crucial to provide economies the fiscal leeway
needed to meet growing investment need. (GulfBase.com)
 Fitch: Oil prices, policies & politics to dominate MEA in
2015 – Fitch Ratings, in its 2015 Outlook for the Middle East and
Africa (MEA) region, said that falling oil prices, the policy
response of oil exporters, reform momentum and politics, will be
the main influence on ratings in the MEA in 2015. High oil prices
have been one factor resulting in rating divergence in the region
and this influence will lessen as oil exporters come under
pressure, while oil importers will benefit. Fitch forecasts Brent to
average $83 per barrel in 2015 after $99 per barrel in 2014. This
will not cause major headaches for the AA rated Gulf oil
producers - Abu Dhabi, Kuwait and Saudi Arabia - which have
accumulated large buffers. However, it will increase pressure on
Bahrain (BBB/Stable) and the sub-investment grade exporters in
Africa - Nigeria, Angola and Gabon (all BB-). (GulfBase.com)
 Moody’s: Bahrain, Oman may mull debt issuance –
According to Moody's Investors Service, Bahrain and Oman is
likely to finance any increase in fiscal deficits next year through
sovereign debt issuance. The ratings agency said that while the
six GCC states can withstand the pressure of oil prices
averaging around its estimate of $80 to $85 a barrel next year,
Bahrain and Oman's credit profiles may be affected, because
the two sovereigns exhibit a combination of high fiscal
breakeven oil prices and low reserve buffers. As per the report,
most of the GCC states can withstand the pressures resulting
from lower oil prices without having to make significant policy
adjustments, but that they would, if needed, likely to adjust their
fiscal policies accordingly. Kuwait and Qatar are the most
resilient, given their very low fiscal and external breakeven oil
prices, and large reserve buffers, while Saudi Arabia and the
UAE exhibit slightly weaker fiscal fundamentals and higher
external breakeven oil prices than Kuwait and Qatar. Moody's
expects that Saudi Arabia's fiscal balance will turn into a deficit
in 2015, and Bahrain and Oman's deficits may widen to above
7% of their respective GDP. All GCC countries except Oman
should show current account surpluses next year. The report
also said that GCC governments' fiscal adjustments to lower oil
prices will vary, starting with expenditure adjustments on non-
strategic investment projects. (GulfBase.com)
 Reuters: Oil fall won’t derail $500bn gulf infrastructure
boom – According to Reuters, slumping oil prices will not halt a
massive ramp-up in Gulf infrastructure spending, as rich nations
deploy huge reserves to maintain a breakneck development
pace and the rest turn to buoyant funding markets. However,
states are being urged to consider the most effective funding
mix for these schemes in the longer term, especially against a
backdrop of lower oil prices. The World Bank estimates up to
$500bn will be spent by gulf countries on infrastructure by 2020,
as governments seek to improve the lives of citizens and create
jobs. With trillions of dollars of reserves between them, Saudi
Arabia, Abu Dhabi and Qatar have been increasingly by-passing
banks due to frustration at the time it takes to get funding.
According to the Ministry of Development Planning and
Statistics (MDPS) of Qatar, more reliance on self-financing
supported by large fiscal surpluses pushed outstanding credit to
the public sector down 3.7% between January and August 2014.
Gulf infrastructure loans totaled $8.94bn in 9M2014, compared
with $16.12bn in 2013. (GulfBase.com)
 Lithium Technologies makes significant strides in Mideast –
Lithium Technologies, San Francisco based company which
connects brands with their customers on social platforms,
announced that it has made significant strides in the Middle East
(Mideast). In 2014, several new customers in the Middle East

6. Page 6 of 9
launched Lithium solutions, including Axiom Telecom,
DenizBank, National Bank of Kuwait, Ooredoo Qatar and
Turkcell. With more than 40% the total Mideast population
accessing the web and 88% of that online population using
social media daily, brands are taking note and advancing their
social strategies with Lithium. Lithium is seeing
telecommunications and financial service companies at the
forefront of using digital platforms to connect with their
customers. (GulfBase.com)
 Kellogg outbids Abraaj for third time in race for Egypt's
Bisco – Kellogg Company has again raised its bid for Egypt-
based Bisco Misr, outbidding private equity group Abraaj for the
third time and snatching the lead in a $140mn takeover battle.
Kellogg said it would improve its offer to Egyptian pound (EGP)
86.36 per share, hoping to secure a brand that will give it a high
profile presence in the Arab world's most populous nation.
Abraaj had earlier increased its own bid to EGP 84.66 per share,
topping a previous Kellogg offer. (Reuters)
 Al Alamiya receives SAMA’s approval for insurance product
– Al Alamiya for Cooperative Insurance Company (Al Alamiya)
has obtained Saudi Arabian Monetary Agency’s (SAMA) final
approval for the product: Fire & allied perils insurance.
(Tadawul)
 Ma’aden to compensate shareholders not participated in
rights issue – Saudi Arabian Mining Company (Ma’aden)
announced that it will pay compensation to shareholders who
have not exercised their rights to subscribe the rights issue, as
well as to holders of fractional shares. A total of SR76.52mn will
be paid to shareholders who have not exercised their
subscription rights in whole or in part, as well as to holders of
fractional shares. Ma’aden has appointed the National
Commercial Bank (NCB) to deposit the compensation amounts
in shareholders’ accounts. (Tadawul)
 eXtra opens Apple outlets in Riyadh, Al Khobar – United
Electronics Company (eXtra) has opened Apple’s first
generation stores in Saudi Arabia, following a successful three-
year collaboration between the two companies. The outlets will
be located in eXtra’s shops in Riyadh and Al Khobar and will
offer a wide range of Apple accessories. (GulfBase.com)
 SABIC eyeing cash dividend – Saudi Basic Industries
Corporation (SABIC) board of directors proposed to pay a cash
dividend of SR3 per share for the 2H2014. (GulfBase.com)
 SHB BoD recommends SR476.3mn dividend for 2014;
proposes 20% capital increase – Saudi Hollandi Bank (SHB)
board of directors has recommended the distribution of SR1 per
share cash dividend for the financial year 2014, representing
10% of stock par value and totaling SR476.3mn. Additionally,
the BoD recommended increasing capital by 20% from
SR4.76bn to SR5.72bn to support its capital base and the
business growth. This increase shall be implemented by
distributing one-for-five bonus shares, thus raising share capital
from 476.28mn shares to 571.54mn shares. The SR952.6mn
capital increases shall be financed from retained earnings. This
recommendation is subject to the approval at extraordinary
general meeting (EGM) which will be held in 1Q2015, after
obtaining the approval of concerned authorities. Shareholders
registered at the conclusion of the day of EGM will be eligible for
cash dividends and bonus shares. The cash dividends will not
accrue to bonus shares. (Tadawul)
 JODI: Kingdom’s crude exports rise to around 6.9mn bpd in
October 2014 – According to data published by the Joint
Organizations Data Initiative (JODI), Saudi Arabia shipped more
crude oil in October than September while volumes used by
domestic refineries remained high allowing more oil products
exports. Saudi Arabia exported 6.897mn barrels per day (bpd) of
crude in October 2014, up from 6.722mn bpd in September
2014, while production was slightly lower in October 2014 at
9.69mn bpd from 9.704mn bpd. As per the report, oil products
exports rose to 909,000 bpd in October 2014 from 787,000 bpd
in September 2014, while domestic refiners processed 2.061mn
bpd of crude in October 2014, almost flat from 2.035mn bpd in
September 2014. Oil markets monitor changes in output from
Saudi Arabia, which has enough spare capacity to significantly
alter production according to demand. (GulfBase.com)
 Massive spending to continue in Kingdom despite 50% oil
price drop – Saudi Arabia’s Finance Minister (FM), Ibrahim Al-
Assaf said that the Kingdom will continue massive public
spending despite a 50% drop in the price of oil, which provides
the bulk of its revenue. The minister said the 2015 budget is
ready and would be unveiled in the near future. Al-Assaf said
the budget comes during challenging global economic
conditions but surpluses and reserves built over many years by
the Kingdom have given it depth and a line of defense that
comes in handy in times of need. He said this policy would
continue, enabling the government to implement massive
projects in health, education, social services and development
as well as state security. The spending, combined with private
sector activity, is expected to bring positive economic growth.
(GulfBase.com)
 Low oil prices not to affect the UAE – UAE Minister of Energy
(MoE), Suhail bin Mohammad Faraj Faris Al Mazroui has
stressed that the UAE will continue making investments in the oil
& gas industries, and that with its balanced and long-term policy,
the country will not be affected by the decline in oil prices,
especially if they do not decline for a long time. He said that
OPEC did not contribute to the increase in supply. It has a fixed
share on the global market which does not exceed 30%. So it is
not logical to expect OPEC to resolve the effects of market
oversupply. He stressed that any change in the output policy
must be well thought out and that the new producers must
assume their responsibilities to balance the market for
everyone’s benefit. (GulfBase.com)
 Al Thuriah hands over 70% of Sahara 3 project – UAE-based
property developer, Al Thuriah announced the handing over of
70% of the Sahara 3 project to buyers and investors. Sahara
Tower 3 is part of Sahara Complex consisting of a ground floor
and three floors of parking and twenty residential floors, in
addition to the helicopter landing pad on the roof and pool hall
located on the ground floor. It is located in Al Nahda, Sharjah,
near the prominent Sahara Shopping Centre, which is very
much on the border between Sharjah and Dubai, It is
conveniently located to offer easy access to main roads and
connect with many Emirates of the country. (GulfBase.com)
 DSI BoD to discuss shares buy back – Drake & Scull
International’s (DSI) board of will discuss the proposal to buy
back up to 10% of DSI’s share capital as per laws and
regulations, at the seventh board of directors meeting to be held
on December 22, 2014. (DFM)
 DED: Dubai expects real estate to lead economic growth –
According to the Department of Economic Development (DED),
Dubai is expected to grow by 4.5% in 2015 from an estimated
4% in 2014. Real-estate and construction may expand about 6%
each. Preliminary forecasts for 2014 show the property sector
will grow by 3.5%. The Emirate has relied on tourism and
hospitality since the 2008 real-estate crash. Property prices
rebounded last year, prompting authorities to take steps against
speculation, including measures to curb mortgage lending and

7. Page 7 of 9
the doubling of the transaction tax. Capital spending is expected
to remain steady for 2015 though it may slow in the following
year if the drop in oil prices continues. (GulfBase.com)
 DP World wins key investor backing for EZW buy – DP
World’s shareholders have approved buying Economic Zones
World (EZW) from its majority shareholder and also backed the
port operator's delisting from the London Stock Exchange. The
assent was granted at a meeting on December 18, 2014 with
the proposals received near-unanimous support from
independent shareholders. DP World said last month that it
would pay $2.6bn to Dubai World for its EZW logistics
infrastructure firm and would delist from the London bourse due
to thin trading volumes. Dubai World owns 80.45% of DP World.
(GulfBase.com)
 Emaar’s Dubai real estate head leaves amid revamp –
According to sources, Emaar Properties’ head of Dubai real
estate has left the company amid a revamp of top management.
Robert Booth left the job in 2H2014 but he may still act as an
adviser to Emaar on some matters. (Bloomberg)
 Intracom Holdings sells 49% stake in Intracom Telecom –
Intracom Holdings announced that it has completed transfer of
the remaining 49% of Intracom Telecom to investors in Dubai for
€47mn, whereas €35mn are payable in cash and €12mn in
assets. (Reuters)
 Dau Tu: Nakheel to continue $550mn project in Vietnam –
According to the Dau Tu (Investment) newspaper, Dubai
property developer, Nakheel, said it would propose a plan to
restart a delayed $550mn project in Vietnam's northern province
of Quang Ninh in January 2015. Chairman of Nakheel, Ali
Rashid Lootah, and Quang Ninh authority in 2013 have signed a
MoU to continue the project, which was postponed due to
financial issues after its groundbreaking in 2007. (Reuters)
 Regional banks fund Etihad’s first A380, B787 aircrafts –
Etihad Airways said that two banks from Abu Dhabi and one
from Saudi Arabia funded the airline’s first Airbus A380 and
Boeing 787-9 Dreamliner aircrafts. The Abu Dhabi Commercial
Bank (ADCB) financed Etihad’s first Airbus A380, while Abu
Dhabi’s First Gulf Bank (FGB) and Saudi Arabia’s National
Commercial Bank (NCB) have jointly funded several of Etihad’s
787-9 Dreamliners. The three banks funded the aircraft following
a request for proposals (RFP). While the amount of the financing
was not stated, the airline said that the FGB and NCB facility is
Shari’ah-compliant. Meanwhile, Etihad, which owns stakes in
nine airlines, said it’s planning no further purchases in the short
term and will focus on consolidating existing partnerships.
Etihad’s CEO, James Hogan said the airline wants to access
secondary cities in China and grow its footprint in Africa, though
it is not considering an investment in South African Airways,
which earlier said Etihad has an option on a stake.
(GulfBase.com, Bloomberg)
 Fitch affirms Kuwait at AA with Stable outlook – Fitch
Ratings has affirmed Kuwait's Long-term foreign and local
currency Issuer Default Ratings (IDR) at AA. The outlooks are
Stable. The Country Ceiling has been affirmed at AA+ and the
Short-term foreign currency IDR at F1+. The Stable outlook
reflects Fitch's assessment that upside and downside risks to
the rating are currently well balanced. At forecasted oil prices,
Kuwait will continue to accumulate assets, further enhancing its
capacity to deal with economic shocks. (Reuters)
 NBK: Kuwait's non-oil growth to hit 5.6% in 2015-16 –
According to a report by National Bank of Kuwait (NBK),
Kuwait's non-oil real growth is anticipated to go up to 5.6% in
2015-2016, as implementation of the government's development
projects maintains its robust pace. Real non-oil growth
accelerated notably in 2013 and is expected to maintain a more
robust pace in the coming years. The improved growth is driven
by capital spending and the government's ambitious
development plan. The consumer sector remains a strong driver
of economic growth, though it has moderated since 2013. While
large pay hikes for Kuwaitis are not expected in the near term,
household income growth will remain healthy supported by
robust employment growth. As per the report, the latest official
figures show that other indicators have also reflected the pick-up
in economic activity and the accelerating pace of growth. Private
credit growth has been picking up gradually, reaching 7.7% YoY
in September 2014. Growth in domestic demand slowed
somewhat in 2013 following strong growth the year before.
Domestic demand rose by 5.7% in real terms in 2013, following
9% growth in 2012. Most of the moderation came from slower
growth in private consumption. Government current spending
growth also slowed but maintained a rapid pace of 10%.
Meanwhile, momentum in investment is rising, both from
government and private sources. The report indicated that total
investment spending in Kuwait grew by 6.2% in real terms in
2013 (nominal growth topped 10%). (GulfBase.com)
 Kuwait Energy discovers oil at East Ras Qattara – Kuwait
Energy and its main partner, Egyptian General Petroleum
Corporation (EGPC), announced that the exploration well
Shahd-4 on the East Ras Qattara development lease, located in
the Northern Western Desert onshore Egypt discovered
hydrocarbons in the Wadi El Natrun formation (Jurassic)
formation. Kuwait Energy holds a 49.5% revenue interest in the
East Ras Qattara development lease, while the remaining
50.5% is held by the operating company Sipetrol.
(GulfBase.com)
 AIB announces launch of branch in Sohar – Alizz Islamic
Bank (AIB) announced launch of its branch in Sohar. This
launch is part of the AIB’s s strategic initiatives to reach new
customers with innovative and value added products and
services to further boosting the AIB brand in the region. (MSM)
 Thomson Reuters: Islamic banking in Oman likely to grow
at double-digit rate – According a study by Thomson Reuters,
Islamic banking in Oman is expected to grow at double-digit
rates as Shari’ah-compliant banking products increasingly gain
acceptance and the government's plans to ease restrictions
come to fruition. Launched in 2012, Oman's nascent Islamic
banking segment saw assets surge more than five-fold to
OMR1.1bn at the end of 2Q2014. The sector, which comprises
two dedicated Shari’ah-compliant lenders and six commercial
banks with registered Islamic banking windows, currently
represents more than 4% of Oman's total banking assets, but
this may increase to 10% by 2018 if the best-case scenario for
asset growth is achieved. Under a base scenario, the study
estimates Islamic banking assets could reach OMR5bn by 2018,
a 7% share of estimated total assets. (GulfBase.com)
 Orpic’s Liwa plastic project to increase petrochemical
production – Oman Oil Refineries and Petroleum Industries
Company (Orpic) will witness a jump in production capacity of
polypropylene and polyethylene to 1.4mn tons, when the
company's Liwa plastic project starts production in 2018.
Installed capacity of polypropylene at Orpic will go up to 340,000
tons per annum from 220,000 tons, after completing Sohar
refinery improvement project. (GulfBase.com)
 Deadline for Oman Rail commercial bids further extended –
Oman Rail, after extending the deadline for the submission of
bids for the Segment 1 of its national railway project, has
granted further time to bidders to hand in their pricing offers for

8. Page 8 of 9
this key package. Accordingly, commercial bids are now due by
March 1, 2015. Technical offers, however, must be handed in by
January 18, 2015. Bidders have argued that volatility in
commodity prices, weakening currencies, as well as wider global
economic uncertainty, have complicated the task of pricing bids
for contracts as complex and diverse as Segment 1 of the Oman
National Railway project. (GulfBase.com)
 OLC inks deals for $320mn Oman pipeline project – Orpic
Logistics Company (OLC) has awarded engineering,
procurement and construction (EPC) contract and a financing
deal for a major pipeline project worth $320mn in Oman. OLC is
a joint venture between Oman Oil Refineries and Petroleum
Industries (Orpic) and the Spanish company Compania
Logística de Hidrocarburos (CLH). As per the deal, the Oman-
based Gulf Petrochemcial Services (GPS) will be the lead
contractor in the EPC contract. It will be supported by Abantia, a
Spanish construction company, which has experience in
terminal construction, along with Diseprosa, an engineering
company based in Spain. The financing agreement, which will
cover 70% of the project value, has been given to Ahli Bank and
Ahli United Bank. (GulfBase.com)
 Oman’s SGRF boosts buying of local stocks – Oman's State
General Reserve Fund’s (SGRF) Executive President,
Abdulsalam Al Murshidi said that SGRF has boosted its buying
of shares in the local stock market as prices have slid to
attractive levels. Muscat Securities Market's (MSM) main index
is down 20% from its November 2014 peak, hit by concerns that
the plunge in global oil prices will crimp government spending
and therefore corporate profit growth. (Reuters)
 Fitch revises Bahrain's outlook to Negative; affirms at BBB
– Fitch Ratings has revised the outlooks on Bahrain's Long-term
foreign and local currency Issuer Default Ratings (IDR) to
Negative from Stable and affirmed the IDRs at BBB and BBB+,
respectively. The agency has simultaneously affirmed Bahrain's
Country Ceiling at BBB+ and Short-term foreign currency IDR at
F3. (Reuters)
 BBK divests whole stake in Saudi Mais – Bank of Bahrain
and Kuwait (BBK) announced that it has exited its entire
ownership stake of 24% in Saudi Mais For Medical Products
Limited (Saudi Mais), a Saudi Arabia-based company engaged
in the trade and production of medical supplies. Saudi Mais is a
private equity investment that was originally made by Capinnova
Investment Bank in 2011 and was subsequently transferred to
BBK in 2013. (Bahrain Bourse)
 BNA: Bahrain may start importing Russian gas from 2017 –
According to state news agency BNA, Bahrain could start
importing gas from Russia in 2017. The gas will be transported
by sea from Russia to Bahrain. (GulfBase.com)

9. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the
Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only.
It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability
whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically
engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this
report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make
any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis,
expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical
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Page 9 of 9
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (* Value as of 17 December, 2014)
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Nov-10 Nov-11 Nov-12 Nov-13 Nov-14
QSE Index S&P Pan Arab S&P GCC
8.9%
1.1%
1.9%
0.9%
3.7%
6.7%
13.0%
0.0%
1.6%
3.2%
4.8%
6.4%
8.0%
9.6%
11.2%
12.8%
14.4%
SaudiArabia
Qatar*
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,196.35 (0.2) (2.1) (0.8) MSCI World Index 1,717.00 0.6 2.5 3.4
Silver/Ounce 16.08 1.2 (5.6) (17.4) DJ Industrial 17,804.80 0.1 3.0 7.4
Crude Oil (Brent)/Barrel (FM
Future)
61.38 3.6 (0.8) (44.6) S&P 500 2,070.65 0.5 3.4 12.0
Crude Oil (WTI)/Barrel (FM
Future)
56.52 4.5 (2.2) (42.6) NASDAQ 100 4,765.38 0.4 2.4 14.1
Natural Gas (Henry
Hub)/MMBtu
3.44 (6.5) (4.0) (20.9) STOXX 600 340.30 0.0 1.2 (8.0)
LPG Propane (Arab Gulf)/Ton 56.50 4.6 3.0 (55.3) DAX 9,786.96 (0.6) 0.2 (9.1)
LPG Butane (Arab Gulf)/Ton 68.75 3.8 4.2 (49.4) FTSE 100 6,545.27 1.0 3.3 (8.6)
Euro 1.22 (0.5) (1.9) (11.0) CAC 40 4,241.65 (0.5) 1.4 (12.4)
Yen 119.50 0.6 0.6 13.5 Nikkei 17,621.40 2.0 0.5 (4.9)
GBP 1.56 (0.3) (0.6) (5.6) MSCI EM 944.60 1.0 0.7 (5.8)
CHF 1.02 (0.4) (2.1) (9.3) SHANGHAI SE Composite 3,108.60 1.6 5.2 43.0
AUD 0.81 (0.4) (1.4) (8.8) HANG SENG 23,116.63 1.3 (0.6) (0.8)
USD Index 89.60 0.4 1.4 11.9 BSE SENSEX 27,371.84 0.3 (1.2) 26.1
RUB 59.62 (3.3) 2.3 81.4 Bovespa 49,650.98 2.2 3.5 (14.4)
BRL 0.38 (0.1) (0.2) (11.1) RTS 768.06 0.4 (3.9) (46.8)
160.7
128.8
117.4