Qatar stock exchange

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 7.2% to close at 8,527.8. Losses were led by the Real Estate and
Telecoms indices, falling 9.9% and 9.3%, respectively. Top losers were Widam Food Co.
and United Development Co., falling 10.0% each. There were no gainers for the day.
GCC Commentary
Saudi Arabia: The TASI Index fell 5.4% to close at 5,520.4. Losses were led by the Media
& Publish. and Hotel & Tourism indices, falling 9.9% and 9.2%, respectively. Trade
Union Cooperative Ins. and ACE Arabia Coop. Ins. were down 10.0% each.
Dubai: The DFM Index declined 4.6% to close at 2,684.9. The Financial & Investment
Services index fell 8.6%, while the Real Estate & Const. index declined 5.6%. Gulf
General Investments and SHUAA Capital were down 10.0% each.
Abu Dhabi: The ADX benchmark index fell 4.2% to close at 3,787.4. The Energy index
declined 7.7%, while the Real Estate index fell 7.0%. Umm Al-Qaiwain Cement
Industries Co. declined 10.0%, while Union Cement Co. was down 9.6%.
Kuwait: The KSE Index declined 3.2% to close at 5,098.4. The Banks index fell 5.2%,
while the Health Care index declined 4.6%. Safwan Trading & Contracting Co. plunged
14.1%, while National Ranges Co. was down 13.5%.
Oman: The MSM Index fell 3.2% to close at 4,948.5. Losses were led by the Financial
and Services indices, falling 4.2% and 2.7%, respectively. Renaissance Services fell
10.0%, while National Aluminium Products was down 9.9%.
Bahrain: The BHB Index declined 0.4% to close at 1,195.9. The Industrial index fell
1.1%, while the Commercial Bank index declined 0.5%. Al Salam Bank - Bahrain fell
6.9%, while Khaleeji Commercial Bank was down 6.3%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Gulf International Services 38.50 (8.6) 1,758.1 (25.2)
Vodafone Qatar 9.93 (9.7) 1,184.7 (21.8)
Masraf Al Rayan 29.60 (9.5) 1,169.1 (21.3)
Ezdan Holding Group 12.78 (10.0) 971.8 (19.6)
Mazaya Qatar Real Estate Dev. 11.01 (8.2) 815.5 (22.5)
Market Indicators 17 Jan 16 14 Jan 16 %Chg.
Value Traded (QR mn) 374.0 388.5 (3.7)
Exch. Market Cap. (QR mn) 457,864.3 489,932.8 (6.5)
Volume (mn) 12.3 9.0 37.0
Number of Transactions 5,186 4,859 6.7
Companies Traded 40 40 0.0
Market Breadth 0:40 4:36 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,255.17 (7.2) (7.2) (18.2) 8.8
All Share Index 2,281.36 (6.8) (6.8) (17.8) 9.0
Banks 2,324.28 (5.1) (5.1) (17.2) 9.4
Industrials 2,609.94 (7.0) (7.0) (18.1) 10.0
Transportation 2,041.69 (7.2) (7.2) (16.0) 9.7
Real Estate 1,845.58 (9.9) (9.9) (20.9) 6.0
Insurance 3,559.87 (5.3) (5.3) (11.7) 9.8
Telecoms 825.66 (9.3) (9.3) (16.3) 18.1
Consumer 4,662.76 (8.1) (8.1) (22.3) 10.3
Al Rayan Islamic Index 3,061.39 (8.3) (8.3) (20.6) 9.0
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Invest Bank Abu Dhabi 1.81 14.6 181.3 (9.5)
National Shipping Co. Saudi Arabia 39.17 4.6 7,788.5 (15.8)
Nat. Bank of Bahrain Bahrain 0.69 0.7 9.5 (2.1)
Nat. Petrochemical Co. Saudi Arabia 13.85 0.6 760.2 (17.1)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Gulf Warehousing Co. Qatar 44.55 (10.0) 26.9 (21.7)
Ezdan Holding Group Qatar 12.78 (10.0) 971.8 (19.6)
Tihama Adv. & Public Saudi Arabia 20.25 (10.0) 77.6 (32.1)
United Development Co. Qatar 17.01 (10.0) 741.3 (18.0)
Saudi Cement Saudi Arabia 50.50 (10.0) 390.9 (22.2)
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%
Widam Food Co. 38.70 (10.0) 8.5 (26.7)
United Development Co. 17.01 (10.0) 741.3 (18.0)
Gulf Warehousing Co. 44.55 (10.0) 26.9 (21.7)
Ezdan Holding Group 12.78 (10.0) 971.8 (19.6)
Mesaieed Petrochemical Holding 15.26 (10.0) 430.8 (21.3)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 38.50 (8.6) 67,341.8 (25.2)
Masraf Al Rayan 29.60 (9.5) 35,251.2 (21.3)
Industries Qatar 92.10 (6.9) 23,831.1 (17.1)
Barwa Real Estate Co. 29.95 (9.9) 23,826.4 (25.1)
QNB Group 152.00 (2.3) 23,077.0 (13.1)
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* 8,527.75 (7.2) (7.2) (18.2) (18.2) 102.71 125,729.5 8.8 1.3 6.0
Dubai 2,684.92 (4.6) (4.6) (14.8) (14.8) 124.60 74,045.2 11.0 1.0 4.4
Abu Dhabi 3,787.40 (4.2) (4.2) (12.1) (12.1) 51.26 107,800.4 10.7 1.3 6.0
Saudi Arabia 5,520.41 (5.4) (5.4) (20.1) (20.1) 1,405.46 337,832.0 12.6 1.3 4.6
Kuwait 5,098.42 (3.2) (3.2) (9.2) (9.2) 91.14 77,748.9 14.0 0.9 5.1
Oman 4,948.48 (3.2) (3.2) (8.5) (8.5) 16.27 20,625.7 9.1 1.1 5.3
Bahrain 1,195.86 (0.4) (0.4) (1.6) (1.6) 0.92 18,800.2 7.8 0.8 5.7
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)
8,400
8,600
8,800
9,000
9,200
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index declined 7.2% to close at 8,527.8. The Real Estate and
Telecoms indices led the losses. The index fell on the back of selling
pressure from non-Qatari and GCC shareholders despite buying support
from Qatari shareholders.
 Widam Food Co. and United Development Co. were the top losers, falling
10.0% each. There were no gainers for the day.
 Volume of shares traded on Sunday rose by 37.0% to 12.3mn from 9.0mn
on Thursday. Further, as compared to the 30-day moving average of 5.6mn,
volume for the day was 119.8% higher. Gulf International Services and
Vodafone Qatar were the most active stocks, contributing 14.3% and 9.6%
to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
4Q2015
% Change
YoY
Operating Profit
(mn) 4Q2015
% Change
YoY
Net Profit
(mn) 4Q2015
% Change
YoY
City Cement Co. Saudi Arabia SR – – 62.5 26.2% 59.9 26.7%
Almarai Co. Saudi Arabia SR – – 572.5 9.3% 483.7 13.0%
Najran Cement Co. Saudi Arabia SR – – 67.8 -8.9% 53.7 -16.0%
Bishah Agricultural Development Saudi Arabia SR – – -0.6 NA -0.5 NA
The Agricultural Development Co. Saudi Arabia SR – – 47.1 56.8% 34.4 71.7%
Yanbu Cement Co. Saudi Arabia SR – – 212.0 6.5% 209.0 8.3%
Saudi Cement Co. Saudi Arabia SR – – 185.0 -35.5% 180.0 -32.8%
Tourism Enterprise Co. Saudi Arabia SR – – -3.0 NA -2.4 NA
Ash-Sharqiyah Development Co. Saudi Arabia SR – – 0.6 NA 0.8 258.3%
Advanced Petrochemical Co. (APC) Saudi Arabia SR – – 148.1 -31.6% 146.1 -27.0%
Al-Jouf Agricultural Development Saudi Arabia SR – – 16.8 -54.6% 19.7 -46.9%
The National Shipping Co. (Bahri) Saudi Arabia SR – – 595.5 202.4% 566.9 359.3%
Saudi Basic Industries Corporation Saudi Arabia SR – – 4,360.0 -41.1% 3,080.0 -29.4%
Oman Fisheries Co.* Oman OMR 19.4 7.4% – – 0.0 NA
Salalah Mills* Oman OMR 68.3 1.0% – – 5.5 -0.9%
Al Maha Ceramic Oman OMR 9.8 -9.2% – – 2.4 -11.2%
Source: Company data, DFM, ADX, MSM (*9M-FY2015-16 results)
Earnings Calendar
Tickers Company Name Date of reporting 4Q2015 results No. of days remaining Status
MARK Masraf Al Rayan 18-Jan-16 0 Due
QIBK Qatar Islamic Bank 19-Jan-16 1 Due
GWCS Gulf Warehousing Company 20-Jan-16 2 Due
KCBK Al Khalij Commercial Bank 20-Jan-16 2 Due
QNCD Qatar National Cement Company 20-Jan-16 2 Due
NLCS National Leasing (Alijarah) 21-Jan-16 3 Due
DHBK Doha Bank 24-Jan-16 6 Due
QOIS Qatar & Oman Investment 24-Jan-16 6 Due
QIGD Qatari Investors Group 25-Jan-16 7 Due
VFQS Vodafone Qatar 26-Jan-16 8 Due
MRDS Mazaya Qatar 26-Jan-16 8 Due
IHGS Islamic Holding Group 27-Jan-16 9 Due
QIIK Qatar International Islamic Bank 27-Jan-16 9 Due
CBQK Commercial Bank of Qatar 27-Jan-16 9 Due
QISI Qatar Islamic Insurance 27-Jan-16 9 Due
DOHI Doha Insurance 31-Jan-16 13 Due
QGRI Qatar General Insurance & Reinsurance 10-Feb-16 23 Due
ORDS Ooredoo 1-Mar-16 43 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 58.11% 51.62% 24,242,370.71
Qatari Institutions 19.87% 15.50% 16,332,818.19
Qatari 77.98% 67.12% 40,575,188.90
GCC Individuals 1.44% 3.43% (7,453,959.93)
GCC Institutions 2.04% 3.85% (6,786,749.65)
GCC 3.48% 7.28% (14,240,709.58)
Non-Qatari Individuals 12.78% 17.23% (16,639,402.03)
Non-Qatari Institutions 5.77% 8.37% (9,695,077.29)
Non-Qatari 18.55% 25.60% (26,334,479.32)

3. Page 3 of 6
News
Qatar
 BRES signs QR572mn financing agreement – Barwa Real Estate
Company (BRES) has signed a QR572mn Shari’ah-compliant
financing agreement. The credit facility, with a five-year term, will
be used to refinance an existing Islamic financial liability of BRES.
The deal is in line with the group’s strategy to refinance its
liabilities in order to strengthen its overall financial position.
(QSE)
 Two lawsuits filed against ERES – Ezdan Holding Group (ERES) has
announced that two lawsuits have been filed against the company.
The first lawsuit bearing the number 003 981 for the year 2015
was filed by Qatari Investors Group (QIGD) in the First Instance
Civil Court - Circuit (2) against ERES and its subsidiaries for not
owning 20.1% of QIGD’s capital. ERES was notified about this case
on December 23, 2015. The session is set to take place on February
2, 2016. The second lawsuit was submitted by Abdullah Bin Nasser
Bin Abdullah Al Missned, a businessman and a shareholders in
ERES. ERES was notified early January. The session is set to take
place on February 14, 2016. (QSE)
 QGRI BoD meeting on February 10 – Qatar General Insurance &
Reinsurance Company (QGRI) has announced that its board of
directors (BoD) will meet on February 10, 2016 to discuss its
financial results ending December 31, 2015. (QSE)
 ORDS BoD meeting on March 1 – Ooredoo (ORDS) has announced
that its board of directors (BoD) will meet on March 1, 2016 to
discuss its financial results ending December 31, 2015. (QSE)
 New ORDS system to speed up installation – Ooredoo (ORDS) has
launched a special Field Force Automation (FFA) system, which
will make the process of installation faster and easier for
customers across Qatar. The new Field Force Automation (FFA)
system allows the customer’s details to be uploaded to a special
mobile app, along with GPS co-ordinates for the address, as soon
as an installation date is booked. This enables technicians to
immediately know the order details, location and appointment
time for new installations, and find the location via GPS. The FFA
app will also send customers an automatic SMS with the
appointment time, following on from the standard appointment
date SMS they get when they make a booking, so that they know
when to expect the technicians, saving time and making the
process smooth and efficient. The FFA solution enables ORDS’s
installation team to track & monitor the whole process from start
to finish, ensuring that all necessary equipment is available at the
warehouse, the appointment is logged with ORDS, and any
problems or need for repeat visits are recorded to enable a faster
follow-up. (Gulf-Times.com)
 Injaz Qatar: Qatar start-ups to gain from public, private sectors’
support – Injaz Qatar Executive Director Emad al-Khaja has said
that entrepreneurs and start-ups in Qatar stand to gain from the
“ample support” provided by the government and the private
sector. He said HH the Emir Sheikh Tamim bin Hamad al-Thani has
addressed the issues of diversification, small and medium
enterprises (SMEs) growth, and entrepreneurship by encouraging
everyone to take advantage of the support provided by the
government and private sector. While many start-ups in Qatar
receive ample support from the government and the private
sector, the level of commitment from incubatees remains one of
the critical factors, which could make or break budding
entrepreneurs. (Gulf-Times.com)
 WDAM opens sales outlet in Muaither suburb – Widam Food
Company (WDAM) has opened a sales outlet in Muaither suburb.
The outlet on Umm Dome Street in Muaither is WDAM’s 18th sales
point opened as part of the company’s expansion plans for 2016.
(Peninsula Qatar)
 Al Khalaf: Private sector can play major role in food security
program – International Projects Development Company Chairman
Ahmed Hussain Al Khalaf has said that Qatar’s emerging private
sector can play a proactive role in realizing the country’s
ambitious food safety program, provided the government extends
support by leasing out land at attractive rates and offering
subsidies to import material required for developing
infrastructure and logistics. Launched in 2008, Qatar’s national
food security program was aimed at ensuring the country’s food
security. Al Khalaf said the private sector, which contributes over
half of the country’s total GDP, can play a better role in supporting
the country’s initiative. (Peninsula Qatar)
International
 Banks losing share in corporate currency business – According to a
recent survey small and medium-sized British companies are
increasingly looking outside banks for foreign exchange in search
of better rates and services. Research Company East & Partners'
survey of more than 2,200 UK firms with annual revenues of up to
£100mn showed roughly 10% use at least one of the dozens of
brokerages specializing in payments in and out of foreign
currencies. It listed the top six brokers in the space by market
share as Western Union, Monex, CMC, American Express, Alpari
and UKForex. The survey showed that more than 8% of those that
trade in the more sophisticated currency options market also use
brokers instead of banks. By offering companies currency at much
tighter "spreads" between buy and sell prices than the rates banks
give each other and their biggest clients, the brokers have been
instrumental in making forex trading as a whole more competitive.
(Reuters)
 German exports to Iran expected to double after sanctions lifted –
Economy Minister Sigmar Gabriel said German industry expects a
steep rise in exports to Iran following the lifting of international
sanctions, and he would seek to drum up trade on visit Tehran in
early May 2016. Iran ended years of economic isolation when
world powers lifted the crippling sanctions against the Islamic
Republic in return for Tehran complying with a deal to curb its
nuclear ambitions. (Reuters)
 China launches new AIIB development bank as power balance shifts
– Chinese President Xi Jinping launched a new international
development bank seen as a rival to the US-led World Bank, as
Beijing seeks to change the unwritten rules of global development
finance. Despite opposition from Washington, US allies including
Australia, Britain, German, Italy, the Philippines and South Korea
have agreed to join the Asian Infrastructure Investment Bank
(AIIB) in recognition of China's growing economic clout. Premier
Li Keqiang said in order for Asia to continue to be the most
dynamic region for global growth, it needs to invest in
infrastructure and connectivity. The AIIB is expected to lend $10-
$15bn a year for the first five or six years and will start operations
in the 2Q2016. (Reuters)
 China to clean-up 'zombie' companies by 2020 – Official Xinhua
News Agency has reported that China's top state-owned asset
administrator has vowed to clean-up the country's so-called
"zombie" industrial companies by 2020. State-owned Assets
Supervision and Administration Commission (SASAC) Chairman
Zhang Yi told a central and local enterprise work conference that
the agency will "basically" resolve the problem of unproductive
"zombie" firms over the next three years. The central government
in September 2015 rolled out the most ambitious reform program
in two decades to resolve the problems at its hugely inefficient
public sector companies, encouraging the greater use of "mixed
ownership" while promoting more mergers to create globally-
competitive conglomerates. (Reuters)

4. Page 4 of 6
Regional
 NADEC BoD recommends 10% capital increase, SR38.5mn cash
dividend for 2015 – National Agriculture Development Company’s
(NADEC) board of directors (BoD) has proposed a capital increase
through bonus share distribution. The increase in capital to
SR847mn from SR770m will be made through capitalizing
SR77mn from retained earnings. The company’s objective behind
the capital increase is to support its expansion and financial
leverage. Meanwhile, NADEC BoD has recommended the
distribution of 5% cash dividend (SR0.5 per share) amounting to
SR38.5mn for 2015. The eligibility of bonus shares and dividends
is limited to the shareholders, who are registered in the
shareholder’s registrar at the Securities Depository Center
(Tadawul) at the close of trading on the extraordinary general
assembly day, which will be decided later by the company.
(Tadawul)
 SHADCO CEO & MD steps down – Ash-Sharqiyah Development
Company (SHADCO) board of director (BoD) has accepted the
resignation of the company’s Managing Director (MD) and Chief
Executive Officer (CEO) Mohammed bin Ahmed Al Rahma,
effective January 16, 2016. The board also decided to appoint
General of Administrative & Financial Affairs Director Ayman Bin
Zareaa Al Sheikh to the post of CEO, effective the same day.
(Tadawul)
 Al Alamiya announces developments regarding use of rights issue
proceeds – Al Alamiya for Cooperative Insurance Company has
announced developments regarding the use of 2015 rights issue
proceeds. The total proceeds from the capital increase amounted
to SR200mn, while the net proceeds amounted to SR190.86mn,
after deducting direct and indirect costs of SR9.14mn. An amount
of SR20mn has been added to the statutory deposit to align the
deposit with the capital increase. The company has invested
SR120mn in short-to-medium term deposits and SR50.85mn in
medium-to-long term bonds. (Tadawul)
 Saudi Hollandi Bank reports SR451.3mn net profit in 4Q2015 –
Saudi Hollandi Bank reported a net profit of SR451.32mn in
4Q2015 as compared to SR461.88mn in 4Q2014, representing a
decrease of 2.29% YoY. The bank’s total assets stood at
SR108.07bn at the end of December 31, 2015 as compared to
SR96.62bn in the year-ago period. Loans & advances portfolio
reached SR76.14bn, while customer deposits stood at SR88.83bn.
(Tadawul)
 Wafa Insurance CEO: KSA insurance market to grow further – Saudi
Indian Company for Cooperative Insurance (Wafa Insurance) CEO
Abdulrahman A. Al Sahli has said that the Kingdom’s insurance
market has good potential for further gains due to its low
insurance penetration levels. (GulfBase.com)
 Alpha1Estates: Makkah, Madinah real estate index up 7% in 2015 –
Alpha1Estates International has said that its real estate index for
Makkah and Madinah rose by 7% in 2015, its lowest rise in five
years, in a year of immense change for the Kingdom, with the
death of King Abdullah and King Salman bin Abdulaziz Al-Saud’s
ascension to the throne. (GulfBase.com)
 FALCOM conducts rebalancing process of funds – FALCOM
Financial Services has conducted rebalancing process on the
components of the FALCOM Petrochemical ETF basket and
FALCOM Saudi Equity ETF basket on January 17, 2016. (Tadawul)
 RAKBANK to cut up to 250 jobs as part of review – National Bank of
Ras Al Khaimah (RAKBANK) will cut up to 250 jobs as part of a
review of the lender’s organizational structure. UAE banks have
been adjusting staffing levels in recent weeks, as they react to
deteriorating market conditions and tighter liquidity caused by
lower oil prices. RAKBANK revisited the organization structure of
select departments and made changes where necessary to improve
synergy and efficiency across the bank. (Reuters)
 Ajman Bank BoD meeting on January 20 – Ajman Bank’s board of
directors (BoD) will hold a meeting on January 20, 2016 to discuss
and approve a proposal to increase the bank’s capital. (DFM)
 Marka expands sports retail footprint – Marka has announced the
opening of two new retail outlets operated by its dedicated sports
retail division, Marka Sports. The launch of a new Cheeky Monkeys
outlet and Nike store form part of the company’s growth strategy
focused on expanding its network of high-profile global brands
and home-grown retail concepts. (DFM)
 HSBC plans new Mideast headquarters – HSBC Holdings has
confirmed its plans to start building a new Middle East (Mideast)
headquarters near the world’s tallest tower in Dubai as the lender
aims to combine staff from three other locations in the city. Gulf
Resources Development & Investment (GRDI) will construct the
tower and sell it to HSBC Bank Middle East Limited for about
AED920mn upon completion in 2017. Meanwhile, sources said
HSBC is reviewing its operations in Lebanon and may exit the
Middle Eastern country as the bank focuses on more profitable
markets. In the Middle East, HSBC operates in the UAE, Egypt,
Qatar, Oman, Bahrain, Kuwait, Lebanon, and Algeria. In Saudi
Arabia, the bank holds a 40% stake in Saudi British Bank and a
49% share in HSBC Saudi Arabia. (Bloomberg)
 Emaar Properties to launch sales of Harbour Views – Emaar
Properties is starting off 2016 with the local and international
sales launch of the ‘Harbour Views’ residences in the Island
District, a hub in Dubai Creek Harbour. A two-tower development
with a three-level podium, Harbour Views will be one of the tallest
residential projects in the Island District and is defined by its
central unmatched location within the area and its unparalleled
views. (GulfBase.com)
 Manazel Real Estate establishes new unit for retail areas – Manazel
Real Estate has announced the creation of a new subsidiary called
Manazel Malls to take operational and managerial control of
Capital Mall and all retail areas in Al Reef Community and Al Reef 2
in Abu Dhabi in addition to future retail projects. The new unit will
be responsible for all of Manazel’s retail operations, as well as
driving operational efficiencies and improve performance across
this line of business. Manazel Malls also strategically provides
Manazel with the potential to manage retail assets on behalf of
third parties within the UAE and across the wider region, and
presents it with the opportunity to potentially seek a listing for
this business. (ADX)
 Watania appoints CEO – National Takaful Company (Watania)
board of directors (BoD) has appointed Gautam Datta as the Chief
Executive Officer (CEO) of the company. (ADX)
 NBAD among top three in S&P/Hawkamah Index – National Bank of
Abu Dhabi (NBAD) has ranked among the top three organizations
on the S&P/ Hawkamah ESG Pan Arab Index for the fourth
consecutive year. This reflects NBAD’s strong environmental,
social and corporate governance practices and robust standing
among publicly-traded MENA region companies. NBAD has been
among the top 10 on the index since it was established, improving
its position from eighth in 2010 to sixth in 2011, and among the
top three since 2012. (GulfBase.com)
 KFH 2015 Sukuk volume traded outpaces $4.4bn – Kuwait Finance
House (KFH) Acting Chief Treasury Abdulwahab Essa Al-Roshood
has said that KFH volume traded in the Sukuk market outpaced
$4.4bn for the year 2015, an increase of 46% YoY as compared to
2014. He indicated that such volume is yet another outstanding
achievement of KFH, a primary dealer and a global Sukuk market
maker. (GulfBase.com)

5. Page 5 of 6
 NBK: Kuwait inflation edges up to 3.3% YoY in 2015 – According to
a report by National Bank of Kuwait (NBK), Kuwait’s annual
headline inflation is on track to average close to 3.3% in 2015,
slightly higher than the annual average of 3% in 2014. Inflation in
consumer prices came in marginally lower in November 2015,
easing from 3.2% YoY in October to 3.1% YoY, as inflation in most
components was either unchanged or remained steady. As per the
report, Core inflation (which excludes food inflation) also eased
slightly, from 2.9% YoY to 2.8% during the same period.
Meanwhile, inflation in local food prices remained unchanged at
4.3% YoY in November 2015; global food prices declined.
(GulfBase.com)
 MOG: Oman’s crude oil output grows 4% to 358mn barrels in 2015
– According to the monthly report released by the Ministry of Oil &
Gas (MOG), Oman’s total crude oil and condensates output in 2015
edged up by roughly 4% to a total of 358.10mn barrels, indicating
an average daily production of 981,090 barrels. In 2014, Oman’s
output had stood at 344.37mn barrels or 943,500 barrels per day.
Sultanate’s total crude oil exports in 2015 amounted to 308.13mn
barrels, a daily average of 844,207 barrels. The statistics indicated
that China remained the biggest importer of Omani oil in 2015,
accounting for 7.1% of the total. Moreover, the figures revealed
that the price of the Omani oil on an average in the past year stood
at $56.45 per barrel as compared to an average price of $103.23
per barrel in 2014. As per the report, Oman’s total output of crude
oil in December 2015 alone stood at 31.21mn barrels, a daily rate
of 1,006,905 barrels, up by 1.12% as compared to November 2015.
(Bloomberg)
 NCSI: Oman inflation rate shows marginal growth – According to
the latest data released by the National Centre for Statistics and
Information (NCSI), Oman’s consumer price index (CPI)-based
inflation registered a 0.33% MoM upswing in December 2015 from
November 2015, while on YoY basis the inflation marked a decline
of 0.14%. Average inflation for 2015 rose 0.06% as compared to
2014. Food & non-alcoholic beverages group (with a weightage of
nearly 24% in the CPI basket), saw an average price drop of 0.81%
in 2015 as compared to 2014. Clothing & footwear and transport
groups were also down by 0.92% and 0.05%, respectively, on YoY
basis in 2015. In contrast, the housing, electricity, water and fuels
group marked a rise of 0.43%, while the health segment posted a
price rise of 3.42% in 2015 on a YoY basis. (GulfBase.com)
 Oman Observer: Omran eyes investment in $1.3bn waterfront
project – Oman Observer reported that Oman Tourism
Development Company (Omran) is in advanced stages of
negotiations with a number of private sector players for
investment in its OMR500mn Port Sultan Qaboos Waterfront
Project. A new company is being set up to develop the project, with
51% owned by Omran, while the remaining 49% taken up by
pension and investment funds, together with private sector
investors. The huge waterfront destination will be developed over
four phases, with construction of the Phase I beginning in mid-
2016 and completion set for 2020. (GulfBase.com)
 Oman plans to build new industrial estates in Oman – Oman is
planning to build three new industrial estates, one each in
Thumrait, Al Mudhaibi and Shinas in a move to diversify the
country’s economy and create employment opportunities for the
youth. Public Establishment for Industrial Estate (PEIE) CEO Hilal
bin Hamad Al Hassan said the work is currently underway, in
coordination with various government agencies, especially the
Ministry of Housing (MoH), to complete the allocation of land for
PEIE. Besides, Marmul and Qarn Al Alam are currently being
studied, in collaboration with the Ministry of Oil & Gas and
Petroleum Development Oman, to set up industrial estates. He
added that that PEIE has proposed certain locations to the MoH in
the wilayats of Al Suwaiq and Al Musana'ah, besides requests to
extend some of the existing estates like Raysut, Nizwa and Sumail.
(GulfBase.com)
 BCFC closes $125mn five-year term loan facility – Bahrain
Commercial Facilities Company (BCFC) has successfully closed a
$125mn five-year term loan facility. Ahli United Bank, Arab
Banking Corporation, and Gulf International Bank acted as the
mandated lead arrangers and book runners (MLABs) for the
facility. The MLABs were joined by Arab Bank and National Bank
of Bahrain as arrangers. The company intends to use the proceeds
for refinancing and general corporate purposes. (Bahrain Bourse)
 Ibdar Bank exits from four real estate investments for $21.67mn –
Bahrain’s Ibdar Bank has announced the successful exit from four
Bahrain-based real estate investments for a total value of
$21.67mn. The first two exits consist of the sale of two 11-storey
buildings acquired by the bank for a total consideration of
$12.07mn. The first is a 64-apartment fully furnished building
located in Manama and the other consists of 38-fully furnished
apartments in Busaiteen. The other two exits consist of the sale of
the bank’s affiliate company’s 11-storey and 10-storey properties
located in the popular Juffair area. The properties consist of 83
fully furnished apartments in total and supporting convenience,
leisure and parking facilities, which were sold for a total
consideration of $9.6mn. (GulfBase.com)
 BBK plans capital increase – BBK has made a clarification regarding
the news article published in Al Ayam Newspaper. The bank said
that it is planning to increase its capital by about BHD100mn to
reach BHD430mn. This will be decided by the shareholders during
the extraordinary general meeting, which will be held on January
28, 2016. Moreover, the bank has clarified that it is in the process
of setting up an investment company in the UK and not as stated in
the news article that the bank is working on an acquisition.
(Bahrain Bourse)

6. Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
`
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial
Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or
recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability whatsoever for any direct or indirect
losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment advice. We therefore
strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS
believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make any representations or warranties as to the accuracy and
completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or
contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). QNBFS reserves the right to amend the
views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions
included in this report. This report may not be reproduced in whole or in part without permission from QNBFS
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
QSE Index S&P Pan Arab S&P GCC
(5.4%)
(7.2%)
(3.2%)
(0.4%)
(3.2%)
(4.2%) (4.6%)
(8.0%)
(6.0%)
(4.0%)
(2.0%)
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 1,088.88 1.0 (1.4) 2.6 MSCI World Index 1,521.00 (1.8) (2.6) (8.5)
Silver/Ounce 13.93 0.9 (0.1) 0.5 DJ Industrial 15,988.08 (2.4) (2.2) (8.2)
Crude Oil (Brent)/Barrel (FM Future) 28.94 (6.7) (13.7) (22.4) S&P 500 1,880.33 (2.2) (2.2) (8.0)
Crude Oil (WTI)/Barrel (FM Future) 29.42 (5.7) (11.3) (20.6) NASDAQ 100 4,488.42 (2.7) (3.3) (10.4)
Natural Gas (Henry Hub)/MMBtu 2.18 (0.5) (11.7) (5.7) STOXX 600 329.84 (2.0) (2.8) (9.1)
LPG Propane (Arab Gulf)/Ton 30.25 (7.3) (12.3) (22.7) DAX 9,545.27 (1.7) (2.5) (10.8)
LPG Butane (Arab Gulf)/Ton 43.50 (4.4) (14.7) (24.3) FTSE 100 5,804.10 (2.9) (3.5) (9.9)
Euro 1.09 0.5 (0.1) 0.5 CAC 40 4,210.16 (1.6) (2.3) (8.5)
Yen 116.98 (0.9) (0.2) (2.7) Nikkei 17,147.11 0.6 (2.3) (6.9)
GBP 1.43 (1.1) (1.8) (3.2) MSCI EM 709.19 (1.9) (4.2) (10.7)
CHF 1.00 0.4 (0.7) 0.1 SHANGHAI SE Composite 2,900.97 (3.3) (8.7) (19.1)
AUD 0.69 (1.7) (1.3) (5.8) HANG SENG 19,520.77 (1.7) (5.0) (11.5)
USD Index 98.96 (0.1) 0.4 0.3 BSE SENSEX 24,455.04 (2.0) (3.3) (8.7)
RUB 77.70 2.2 4.0 7.1 Bovespa 38,569.13 (3.5) (5.3) (13.1)
BRL 0.25 (1.2) (0.6) (2.2) RTS 652.98 (5.8) (11.4) (13.7)
98.4
88.1
87.9