1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.7% to close at 11,899.6. Losses were led by the
Real Estate and Banks & Financial Services indices, falling 1.3% and 0.9%,
respectively. Top losers were Vodafone Qatar and Qatar Electricity & Water
Co., falling 3.9% and 2.5%, respectively. Among the top gainers, Gulf
Warehousing Co. rose 3.1 %, while Zad Holding Co. was up 2.3%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.4% to close at 8,878.5. Losses were led
by the Telecommunication & IT and Petrochemical Ind. indices, falling 2.2%
and 1.4%, respectively. YANSAB fell 4.6%, while ZAIN KSA was down 3.4%.
Dubai: The DFM Index declined 1.7% to close at 3,674.4. The Financial & Inv.
Ser. index fell 2.9%, while the Real Estate & Construction index was down
2.7%. Int. Financial Advisors fell 9.9%, while Takaful House was down 8.5%.
Abu Dhabi: The ADX benchmark index fell 1.3% to close at 4,456.8. The Real
Estate index fell 3.1%, while the Inv. & Fin. Serv. index was down 1.6%. Abu
Dhabi Ship Build. fell 6.9%, while Nat. Bank of Abu Dhabi was down 5.5%.
Kuwait: The KSE Index declined 1.0% to close at 6,572.3. The Financial
Services and Oil & Gas indices fell 1.9% each. Al-Mal Investment Co. declined
11.8%, while Zima Holding Co. was down 9.1%.
Oman: The MSM Index fell 0.4% to close at 6,558.5. Losses were led by the
Services and Industrials indices, falling 0.8% and 0.3%, respectively.
Construction Materials Ind. fell 5.1%, while Ahli Bank was down 3.5%.
Bahrain: The BHB Index gained marginally to close at 1,424.4. The Hotel &
Tourism index rose 0.4%, while the Services index gained 0.1%. Bahrain
Tourism Co. rose 4.4%, while BMMI was up 1.2%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Gulf Warehousing Co. 56.00 3.1 30.4 (0.7)
Zad Holding Co. 87.50 2.3 0.0 4.2
Medicare Group 124.00 2.1 44.7 6.0
Al Khaleej Takaful Group 51.80 1.8 65.0 2.0
Qatar Industrial Manufacturing Co. 45.70 1.3 6.0 5.4
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 14.51 (1.5) 2,291.6 (2.7)
Vodafone Qatar 14.90 (3.9) 1,100.1 (9.4)
Mazaya Qatar Real Estate Dev. 20.12 1.2 710.6 5.1
Barwa Real Estate Co. 44.05 (1.2) 447.1 5.1
Masraf Al Rayan 44.80 (0.4) 401.8 1.4
Market Indicators 29 Jan 15 28 Jan 15 %Chg.
Value Traded (QR mn) 374.5 504.4 (25.8)
Exch. Market Cap. (QR mn) 648,789.4 653,115.6 (0.7)
Volume (mn) 8.5 11.8 (27.9)
Number of Transactions 4,815 6,046 (20.4)
Companies Traded 42 43 (2.3)
Market Breadth 15:22 22:17 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,748.18 (0.7) 1.7 (3.1) N/A
All Share Index 3,062.23 (0.6) 1.6 (2.8) 14.4
Banks 3,117.71 (0.9) 2.0 (2.7) 14.2
Industrials 3,805.97 (0.3) 2.2 (5.8) 13.2
Transportation 2,336.31 0.9 1.4 0.8 13.7
Real Estate 2,249.44 (1.3) (0.2) 0.2 19.7
Insurance 3,862.55 0.3 3.1 (2.4) 11.9
Telecoms 1,371.44 (0.9) 0.2 (7.7) 18.1
Consumer 7,132.90 0.6 0.4 3.3 28.7
Al Rayan Islamic Index 4,038.35 (0.4) 0.8 (1.5) 16.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Com. Bank Of Dubai Dubai 7.45 14.6 584.1 14.6
Invest Bank Abu Dhabi 3.00 7.1 1,026.2 6.0
Aramex Dubai 3.27 4.1 1,178.2 5.5
Gulf Warehousing Co. Qatar 56.00 3.1 30.4 (0.7)
Nat. Real Estate Co. Kuwait 0.14 3.0 2,654.1 3.0
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nat. Bank Of Abu Dhabi Abu Dhabi 12.85 (5.5) 865.2 (8.2)
Drake & Scull Int. Dubai 0.76 (5.5) 6,629.1 (14.7)
Yanbu Nat. Petrochem. Saudi Arabia 47.69 (4.6) 2,112.1 0.1
Deyaar Development Dubai 0.76 (4.4) 33,939.1 (10.6)
Vodafone Qatar Qatar 14.90 (3.9) 1,100.1 (9.4)
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%
Vodafone Qatar 14.90 (3.9) 1,100.1 (9.4)
Qatar Electricity & Water Co. 188.50 (2.5) 48.4 0.5
Ahli Bank 56.40 (1.9) 1.7 3.3
Ezdan Holding Group 14.51 (1.5) 2,291.6 (2.7)
QNB Group 198.00 (1.5) 199.3 (7.0)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 198.00 (1.5) 39,815.4 (7.0)
Ezdan Holding Group 14.51 (1.5) 33,612.4 (2.7)
Qatar Insurance Co. 88.00 0.3 32,456.8 (2.9)
Industries Qatar 149.20 0.1 30,764.2 (11.2)
Ooredoo 115.00 0.0 21,826.5 (7.2)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 11,899.63 (0.7) 1.7 (3.1) (3.1) 102.84 178,157.6 15.2 1.9 3.9
Dubai 3,674.40 (1.7) (5.4) (2.6) (2.6) 129.75 89,365.6 12.1 1.4 5.3
Abu Dhabi 4,456.82 (1.3) (1.5) (1.6) (1.6) 91.46 124,205.9 11.7 1.5 3.8
Saudi Arabia 8,878.54 (0.4) 5.4 6.5 6.5 2,904.17 510,190.4 17.6 2.1 3.1
Kuwait 6,572.26 (1.0) (1.4) 0.6 0.6 78.64 99,539.4 16.3 1.1 3.9
Oman 6,558.46 (0.4) (1.3) 3.4 3.4 16.07 24,849.2 9.8 1.4 4.3
Bahrain 1,424.37 0.0 (0.3) (0.2) (0.2) 1.18 53,577.6 10.3 0.9 4.8
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,850
11,900
11,950
12,000
12,050
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index declined 0.7% to close at 11,899.6. The Real
Estate and Banks & Financial Services indices led the losses.
The index fell on the back of selling pressure from non-Qatari
shareholders despite buying support from Qatari shareholders.
 Vodafone Qatar and Qatar Electricity & Water Co. were the top
losers, falling 3.9% and 2.5%, respectively. Among the top
gainers, Gulf Warehousing Co. rose 3.1 %, while Zad Holding
Co. was up 2.3%.
 Volume of shares traded on Thursday fell by 27.9% to 8.5mn
from 11.8mn on Wednesday. Further, as compared to the 30-day
moving average of 13.8mn, volume for the day was 38.7% lower.
Ezdan Holding Group and Vodafone Qatar were the most active
stocks, contributing 27.0% and 13.0% to the total volume
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings and Global Economic Data
Earnings Releases
Company Market Currency
Revenue
(mn) 4Q2014
% Change
YoY
Operating Profit
(mn) 4Q2014
% Change
YoY
Net Profit (mn)
4Q2014
% Change
YoY
Dubai Development Co.
(DDC)*
Dubai AED – – – – 0.7 65.2%
Dubai Refreshment (DRC)* Dubai AED 985.0 10.4% 131.0 13.9% 140.0 13.8%
Orient Insurance* Dubai AED – – – – 252.1 5.0%
Abu Dhabi National Takaful
Co. (ADNTC)
Abu Dhabi AED 265.7 13.0% 54.8 -8.3% 35.8 1.7%
National Biscuit Industries
(NBI)*
Oman OMR 11,353.0 0.4% – – 639.7 11.3%
Beach Resort Salalah* Oman OMR 3.8 -2.4% – – 0.8 -12.7%
National Gas Co. (NGCI)* Oman OMR 98.6 -9.2% – – 1.7 18.2%
Ooredoo Oman* Oman OMR 226.4 12.1% – – 37.9 14.5%
Source: Company data, DFM, ADX, MSM (* FY2014 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
01/29 US Department of Labor Initial Jobless Claims 24-January 265K 300K 308K
01/29 US Department of Labor Continuing Claims 17-January 2,385K 2,405K 2,456K
01/30 US BLS Employment Cost Index 4Q2014 0.60% 0.60% 0.70%
01/30 US BLS GDP Annualized QoQ 4Q2014 2.60% 3.00% 5.00%
01/30 US BLS GDP Price Index 4Q2014 0.00% 0.90% 1.40%
01/29 EU European Commission Business Climate Indicator January 0.2 0.1 0.1
01/29 EU European Commission Industrial Confidence January -5.0 -4.5 -5.2
01/29 EU European Commission Economic Confidence January 101.2 101.6 100.6
01/29 EU European Commission Services Confidence January 4.8 6.0 5.6
01/30 EU Eurostat Unemployment Rate December 11.40% 11.50% 11.50%
01/30 EU Eurostat CPI Estimate YoY January -0.60% -0.50% -0.20%
01/30 EU Eurostat CPI Core YoY January 0.60% 0.70% 0.70%
01/30 France INSEE Consumer Spending MoM December 1.50% 0.50% 0.20%
01/30 France INSEE Consumer Spending YoY December 0.50% -0.50% -1.20%
01/30 France INSEE PPI MoM December -0.90% – -0.10%
01/30 France INSEE PPI YoY December -2.90% – -1.90%
01/29 Germany Destatis CPI MoM January -1.00% -0.80% 0.00%
01/29 Germany Destatis CPI YoY January -0.30% -0.10% 0.20%
01/30 Germany Destatis Retail Sales YoY December 4.00% 3.60% -1.00%
01/29 Spain INE Retail Sales YoY December 5.40% – 0.50%
01/29 Spain INE Retail Sales SA YoY December 6.50% 2.50% 1.90%
01/30 Spain INE GDP QoQ 4Q2014 0.70% 0.50% 0.50%
01/30 Spain INE GDP YoY 4Q2014 2.00% 1.90% 1.60%
01/30 Spain INE CPI YoY January -1.40% -1.20% -1.00%
01/29 Italy ISTAT Consumer Confidence Index January 104.0 100.0 99.9
01/29 Italy ISTAT Business Confidence January 97.1 98.0 97.3
01/29 Italy ISTAT Economic Sentiment January 91.6 – 87.6
Overall Activity Buy %* Sell %* Net (QR)
Qatari 61.70% 50.39% 42,359,736.00
Non-Qatari 38.30% 49.61% (42,359,736.00)

3. Page 3 of 7
01/30 Italy ISTAT PPI MoM December -0.80% – -0.10%
01/30 Italy ISTAT PPI YoY December -2.10% – -1.50%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 NLCS reports QR43mn net profit in FY2014 – Alijarah Holding
Company (NLCS) reported a net profit of QR43mn in FY2014 as
compared to net profit of QR81mn in FY2013. NLCS’ total
operating income stood at QR143mn in FY2014 as compared to
restated operating income QR243mn in FY2013. The income
from investments and deposits increased 106% YoY to QR71mn
in FY2014 from QR35mn in FY2013. The company’s overall net
margin percentage stood at 19.2% in FY2014 as compared to
29.3% in FY2013. The shareholder’s equity stood at
QR1,238mn in FY2014 as compared to restated QR1,276mn in
FY2013. EPS amounted to QR0.87 per share in FY2014. (NLCS
Press Release)
 Qatar Re’s January renewals grows by 25% – Qatar
Reinsurance Company (Qatar Re), the reinsurance arm of Qatar
Insurance Company (QATI), said its renewal book grew by 25%
in January. The company also expects to maintain momentum
for further growth on the back of its better geographical and
product diversification. Qatar Re renews roughly 55% of its total
portfolio in January. Qatar Re said it further expanded in areas it
considered still attractive including US catastrophe reinsurance.
It cancelled some of the most rapidly deteriorating pieces of
business, which represented about 15% of the total renewal
base. The company’s 2014 year-end portfolio consists of 32%
casualty including motor pro rata and excess of loss business,
31% specialty, 21% property and 16% Lloyd’s quota share
business. (Bloomberg)
 MCCS funds $14.5mn to Nexthink for expansion – Mannai
Corporation (MCCS), along with other partners, has pitched in
with $14.5mn funding for Nexthink, a Switzerland-based
provider of end-user IT analytics. Nexthink will use the funding
for additional investment in its existing markets such as the UAE
and Saudi Arabia, for expansion and product developments in
the cloud and mobility segments. (Gulf times)
 QCB to issue T-bills worth QR4bn on February 3 – The Qatar
Central Bank (QCB) will issue new three-month treasury bills
worth QR2bn, along with six-month and nine-month T-bills worth
QR1bn each on February 3, 2015. (QCB)
 LREDC hands over 385 plots in Jabal Thelieb Project – The
Lusail Real Estate Development Company (LREDC) has
announced the completion of basic infrastructure facilities at the
north and western sides of its “Jabal Thelieb” project. The
company said that around 385 plots have already been handed
over to investors. The development of roads and the works on
utility services have also been completed. LREDC will continue
handing over the remaining plots in the next six months.
(Peninsula Qatar)
 Meat processing plant worth QR200mn to open in February
– A huge and ultra-modern meat processing plant built at a cost
of QR200mn is set to open in February 2015, providing the
much needed fillip to Qatar’s efforts to achieve self-sufficiency in
food production. The plant, owned by Qatar International
Company for the Development of the Projects, will process 10
tons of meat products a day. The unit is the first of its kind not
only in the GCC region but in the Arab world, and can process
more than 100 types of meat products. (Peninsula Qatar)
International
 US economy cools in 4Q2014, but consumer spending
shines – Economic growth in the US slowed sharply in 4Q2014,
as weak business spending and a wider trade deficit offset the
fastest pace of consumer spending since 2006. The slowdown
followed two back-to-back quarters of bullish growth, but is likely
to be short-lived given the enormous tailwind from lower
gasoline prices. Other data showed that consumer sentiment
jumped to an 11-year high in January 2015. In its first snapshot
of 4Q2014, the Commerce Department said GDP expanded at a
2.6% annual pace after 5% in the third quarter. A gauge of
underlying demand, excluding trade, inventories and
government, increased at a 3.9% pace as compared to 4.1% in
3Q2014. Analysts said the data indicated that domestic
fundamentals were strong enough to cushion the blow on
growth from weakening overseas economies. (Reuters)
 IMF: Canadian economy to grow in 2015 despite oil drop –
The International Monetary Fund (IMF) said Canada's economy
will keep growing in 2015, despite a sharp drop in oil prices, as a
rise in exports to a recovering US market will offset declines in
domestic consumption and investment. The IMF said while the
economy has not yet shifted to broad-based recovery, growth is
expected to become more balanced this year as the housing
market cools. However, Canada is a major oil producer and the
drop in oil prices will be a drag on growth due to weaker energy
sector investment. The IMF forecasts the economy will grow by
2.3 % in 2015, slightly below its 2.4% forecast for growth in
2014. (Reuters)
 CBI: UK retail sales growth slows less than expected in
January – An industry survey showed the British retail sales
growth slowed by less than expected in January, helped by the
biggest rise in clothing sales in almost two years. The
Confederation of British Industry's (CBI) distributive trades
survey's retail sales balance fell to +39 from December's 27-
year high of +61, which was fuelled by the "Black Friday"
shopping frenzy. The CBI said growth in retail was broad-based
with clothing sales rising at the fastest rate since February 2013.
Official data showed retail sales rose unexpectedly in
December, as shoppers flocked to supermarkets and bought
more fuel on the back of falling oil prices. The retail sector
accounts for nearly 6% of the British economy. (Reuters)
 ECB's Praet says QE will help fend off damaging deflation –
The European Central Bank’s (ECB) Executive Board Member
Peter Praet defended the ECB's decision to buy government
bonds (QE), saying it took pre-emptive action to prevent a
deflationary spiral in the Eurozone. Praet said deflation was a
vicious circle that leads to economic collapse and a rise in
unemployment, as seen in the Great Depression of the 1930s in
the US. Praet added that he expected the ECB's decision to
contribute to positive growth developments in the Eurozone
economy in coming months. According to preliminary data from
the EU statistics office, consumer prices in the 19-member
Eurozone were 0.6% lower YoY in January. (Reuters)
 Slowing inflation builds pressure on BoJ but output
rebounds – Core consumer inflation in Japan slowed for the
fifth straight month in December due to collapsing oil prices,
which has kept the central bank under pressure to meet its
ambitious 2% inflation target. However, factory output rose 1.0%
in December helped by a much-awaited rebound in exports and

4. Page 4 of 7
manufacturers expect to increase production in January, boding
well for a recovering economy. The pick-up in output supports
the Bank of Japan's (BoJ) argument that a solid economic
recovery will help accelerate inflation toward its target early in
2016, although low oil prices will continue to weigh down in the
short run. Excluding the effect of a sales tax hike in April 2014,
the core consumer price index (CPI) – excluding volatile fresh
food but including oil products – stood at 0.5%, far away from
the BoJ's 2% target. Government data showed the headline
core consumer inflation rose 2.5% YTD in December. (Reuters)
 China’s official PMI falls to 49.8, lowest in over two years –
An official survey showed activity in the Chinese factory sector
contracted in January for the first time in more than two years,
adding to worries about the country's choppy economic outlook
this year. The National Bureau of Statistics said the official
Purchasing Managers' Index (PMI) fell to 49.8 in January from
December's 50.1 on a monthly basis. January's reading
matches that of September 2012. The lowest reading on record
was 49.2 in August 2012. A housing slump, erratic growth in
exports and a state-led slowdown in investment to help
restructure the economy has hurt China's growth in the past
year, when growth sunk to a 24-year low of 7.4%. (Reuters)
 Russian central bank makes surprise interest rate cut – The
Bank of Russia unexpectedly cut its main interest rate as fears
of recession mount in the country, following the fall in global oil
prices and Western sanctions over the Ukraine crisis. The bank
reduced its one-week minimum auction repo rate by two points
to 15%, a little over a month after pushing it up by 6.5 points to
17% after a run on the ruble. The bank had been widely
expected not to change the rate. Following the decision, the
ruble extended losses to trade as much as 4% down on the day
against the dollar, though it later clawed back some of the
losses. The move implies a shift in the Bank of Russia's
priorities away from clamping down on rising inflation and
supporting the ruble, toward supporting economic activity, which
the bank expects to fall sharply in the coming months. The
decision also fuels speculation that recent changes in the bank's
senior management have shifted the bank toward more dovish
monetary policy, possibly under pressure from the Kremlin,
banks and business lobbies. (Reuters)
Regional
 RBS to exit corporate debt & DCM business in Middle East
– The Royal Bank of Scotland (RBS) is exiting from its corporate
loans and debt capital markets (DCM) business in the Middle
East & African region. The divestment is part of RBS’ CEO,
Ross McEwan’s decision to make RBS a smaller and more
focused bank. The bank has been cutting back on its
investment-banking operations and focusing on domestic
customers to reverse six straight years of losses. (Bloomberg)
 ABN Amro appoints new UAE Country Head – Dutch bank
ABN Amro has appointed Jagdish Hirani as its new Country
Executive for the UAE, following the retirement of the previous
head, Rob Broedelet. (Reuters)
 Al Alamiya’s share issue 97.83% subscribed – Al Alamiya for
Cooperative Insurance Company announced that 15.44mn
shares worth SR154.38mn, representing 77.19% of the new
shares were subscribed during the first subscription period that
ended on January 22, 2015. The second subscription period,
which ended on January 27, 2015, saw a total of 4.13mn shares
subscribed for SR41.28mn, representing 20.64% of the new
shares. Accordingly, the total number of subscribed shares
amounted to 19.57mn new shares at the value SR195.66mn,
with a coverage percentage of 97.83%. The remaining
unsubscribed shares will be offered to institutional investors
starting from February 1, 2015. (Tadawul)
 Sadara signs joint cooperation agreement with CCB –
Sadara Chemical Company (Sadara) and Chemie-Cluster
Bayern (CCB) have signed an agreement to cooperate and
jointly support the development of chemical-based value chains
in the PlasChem Park in Jubail. Under the agreement’s terms,
Sadara and CCB will collaborate to identify promising market
opportunities in Saudi Arabia for chemical companies, in
particular small & medium enterprises (SMEs). The agreement
will primarily focus on attracting German and European SMEs
working in the chemicals industries to establish a presence in
the PlasChem Park, which is a collaborative effort by Sadara
and the Royal Commission for Jubail and Yanbu (RCJY).
(GulfBase.com)
 KSA cement firms profit rise 6% to SR5.9bn – According to a
report filed by Al-Eqtisadiah daily, net profits of the listed cement
firms in Saudi Arabia grew by 6% to reach SR5.9bn in 2014 as
compared to SR5.6bn in 2013. Meanwhile, profits in 4Q2014
grew by 31% to SR1.44bn as compared to SR1.1bn in 4Q2013.
In general, profits of the seven out of 14 listed companies grew,
while profits of six companies dropped and one company, Umm
Al-Qura Company, registered losses in 2014. Arabian Cement
Company (ACC) was the biggest booster to the sector profit
growth in 2014, when it realized profits of SR646mn as
compared to SR192mn in 2013, reflecting an increase of 236%.
(GulfBase.com)
 Reuters: Funds turning positive on KSA as oil stabilizes –
According to a survey of asset managers by Reuters, Middle
Eastern funds are turning positive on Saudi Arabia's stock
market because of signs that crude oil prices are starting to
stabilize. Many fund managers became bearish on Saudi Arabia
in the past few months as the oil price plunge adversely affected
the earnings of petrochemical producers, which are heavily
weighted in the Saudi market, triggering panic selling of
overvalued shares by local retail investors. In December 2014,
40% of respondents said they expected to cut their Saudi equity
allocations over the next three months, while 33% intended to
raise them. However, the January 2015 survey shows that 40%
respondents now expect to increase their Saudi equity
allocations, while none expect to reduce them. Fund managers
said valuations had dropped far enough to make the Saudi
market attractive again. (GulfBase.com)
 Alhokair plans IPO of Egyptian malls unit – Fawaz Alhokair
Group (Alhokair) is planning to raise as much as $400mn from
the sale of shares in Egyptian Centers, the owner of one of the
country’s largest shopping centers. The company plans to sell a
25-30% stake in Egyptian Centers, which operates Cairo’s Mall
of Arabia. Muhanad Awad, CEO of FAS Capital, the financing &
investment arm of Alhokair, said that the sale proceeds will be
used to fund expansion of the Mall of Arabia and develop new
shopping centers. The company expects to raise between
$340mn to $400mn and has appointed CI Capital to advice on
the offer. (Bloomberg)
 CBD’s net profit jumps 19% in 2014; recommends 25% cash
dividend, bonus shares – The Commercial Bank of Dubai
(CBD) reported a net profit of AED1.2bn, up 19% as compared
to AED1bn in 2013. The bank’s operating income increased by
10.2% to AED2.24bn in 2014, mainly due to a 9.3% rise in net
interest income to AED1.58bn as compared to AED1.45bn in
2013 and a 12.5% growth in non-interest income to
AED657.5mn. The bank’s total assets stood at AED46.9bn in
2014 as against AED44.5bn a year ago. Loans & advances and
customer deposits stood at AED32.2bn each. Meanwhile, CBD’s

5. Page 5 of 7
board of directors has proposed a cash dividend of 25% and
bonus shares equivalent to 25% of the share capital as on
December 31, 2014. (DFM)
 Orient Insurance BoD offers 20% dividend – Orient
Insurance’s board of directors has recommended 20% cash
dividend, which is subject to approval from shareholders. (DFM)
 Dubai SCE signs MoU with UNIDO – The Dubai Supreme
Council of Energy (Dubai SCE) has signed a three-year
renewable MoU with the United Nations Industrial Development
Organization (UNIDO) to promote collaboration in renewable
energy, energy efficiency, and to develop sustainable energy
projects. Dubai SCE and UNIDO will also develop an effective
model for energy-service contracts in the region, and collaborate
to increase the efficiency of one of Dubai’s District Cooling
projects. The MoU underlines Dubai Electricity & Water
Authority’s (DEWA) efforts to enhance cooperation with
international organizations. (GulfBase.com)
 Emirates launches two A380 services to Europe – Emirates
has announced the launch of A380 services to two European
destinations: Dusseldorf and Madrid. This brings the total
number of European gateways served by Emirates’ A380
service to 13. (GulfBase.com)
 FGB reports AED5.66bn net profit in 2014; recommends
100% cash dividends, 15.38% bonus shares – First Gulf Bank
(FGB) reported AED5.66bn net profit for 2014, up 18% as
compared to AED4.77bn in 2013. The bank generated revenues
of AED9.24bn in 2014, 10% higher than in 2013. Non-interest
revenues accounted for 30% of total revenues. EPS amounted
to AED1.42 for 2014 as against AED1.16 a year earlier. The
bank’s total assets stood at AED212.17bn in 2014 as against
AED198.21bn a year ago. Loans & advances stood at
AED139.7bn, while customer deposits stood at AED141.3bn.
Meanwhile, FGB’s board of directors has recommended the
distribution of 100% cash dividends (AED1 per share) and
15.38% bonus shares for 2014. This translates to total cash
dividends of AED3.9bn in 2014, against AED3bn distributed in
2013. The dividend proposal is subject to regulatory approval,
followed by shareholders’ approval at the ordinary general
assembly to be held on Feb 25, 2015. (ADX)
 Moody’s: Abu Dhabi to weather slowing economy amid
weak oil prices – According to Moody’s Investors Service, Abu
Dhabi’s economic growth rate would slow in 2015 to below 3%,
from an estimated 4.1% in 2014 due to a huge drop in oil
revenues. Nominal GDP will contract by 18% in 2015 if oil prices
average $55 per barrel and by 25% if oil prices average $40 per
barrel. However, Abu Dhabi will be able to maintain spending by
drawing on its vast assets and running a slight deficit (1.1% of
GDP in 2015). Abu Dhabi’s economy is much more dependent
on oil than the UAE as a whole. The oil sector accounts for
around 55% of Abu Dhabi’s GDP, as compared to 39% for the
UAE as a whole. Abu Dhabi’s central government debt is low, at
$7.2bn or 2.7% of Abu Dhabi’s GDP. However, Moody’s warned
that a prolonged period of low oil prices beyond 2015 would lead
to the crystallization of contingent liabilities on the government’s
balance sheet and accelerate the erosion of fiscal buffers.
(GulfBase.com)
 Hala Abu Dhabi signs sales agreements in 23 countries –
Etihad Airways’ destination management division, Hala Abu
Dhabi said that it will cooperate with 45 tour operators worldwide
to promote tourism in Abu Dhabi. The company has signed
preferred sales agreements in 23 countries to expand the reach
of Etihad’s ‘Stopover in Abu Dhabi’ program, aimed at
passengers transiting in the capital. The program allows Etihad’s
guests and selected partner airlines to break their journeys in
the capital. (GulfBase.com)
 ADNOC awards Total SA stake in $22bn oil venture – Abu
Dhabi National Oil Company (ADNOC) has chosen Total SA as
the first partner in a 40-year concession for its largest onshore
oil fields. This deal looks past a global supply glut to advance
the Emirate’s $22bn effort to boost crude output and sales.
Robin Mills, an analyst at Dubai-based Manaar Energy
Consulting said that ADNOC may award part of the concession
to government-linked companies from nations such as China.
Abu Dhabi is planning to increase its total production capacity to
3.5mn barrels per day (bpd) by the end of 2017 from around
3mn bpd now. (Bloomberg)
 Centurion plans Travelex, UAE Exchange merger –
According to sources, Centurion Investments is planning to
merge Travelex Holdings with the UAE Exchange and sell a
stake in the merged entity to the public. Centurion, which
acquired a majority stake in Travelex with Bavaguthu Raghuram
Shetty, is aiming for an initial public offering in 2016 and is
talking to banks to appoint an adviser for the deal. The company
will probably be listed in the UAE. (Bloomberg)
 NBK: 7% credit growth expected in Kuwait in 2014 –
According to a report by National Bank of Kuwait (NBK),
Kuwait’s credit growth may have finished 2014 closer to 7% on a
stronger growth in December. NBK noted that credit growth was
up in November 2014, but failed to make up for recent
weakness as it ticked up to 5.9% YoY on a KD222mn gain in
lending during the month, but remained weaker than expected.
Family fund write-offs and a slew of corporate debt rescheduling
deals have put a damper on growth in recent months. Gains in
November were seen in household debt, as well as the oil & gas
and real estate sectors. Meanwhile, strong gains in deposits
drove up money supply growth to healthy levels, while deposit
rates remained stable. Interbank rates, on the other hand, edged
lower for the second consecutive month. (GulfBase.com)
 Kuwait's oil exports to Japan hit 11-month high – Kuwait's
crude oil exports to Japan in December 2014 hit a 11-month
high of 10.18mn barrels, or 328,000 barrels per day (bpd), up
14.3% YoY. Kuwait overtook Qatar to become Japan's fourth-
biggest oil provider in December, supplying 9.2% of the Asian
nation's total crude imports. Kuwait's exports to the world's third-
biggest energy user totaled 89.26mn barrels in 2014, down
3.5% from the previous year. (Bloomberg)
 Bank Muscat’s board proposes dividend for FY2014 – Bank
Muscat’s board of directors has approved the company’s 2014
financial results and proposed dividend for 2014. The dividend is
to be distributed as 25% in cash, 5% as bonus shares, and 15%
as mandatory convertible bonds. Shareholders will get
OMR0.025 as cash dividend per share, totaling OMR54.57mn.
In addition, shareholders would receive one bonus share per 20
shares held. Furthermore, they will receive mandatory
convertible bonds of OMR0.015 per share, totaling
OMR32.74mn, including issue expenses, with a coupon rate of
3.5% per annum. (Bahrain Bourse)
 NBO BoD proposes 17% cash dividend – The National Bank
of Oman’s (NBO) board of directors has recommended a cash
dividend of 17% and stock shares of 10% (1 share for 10
shares) of the bank’s paid-up capital, subject to approval from
shareholders at the annual general meeting proposed to be held
in March 2015. (MSM)
 Atyab Investments signs lease deal for Sohar Flour Mills –
Atyab Investments has entered into a lease agreement with
Sohar Industrial Port Company (SIPC) to establish the Sohar

6. Page 6 of 7
Flour Mills project at Sohar Industrial Port. The construction of
the mill is expected to start in 1Q2015 and to be completed by
the end of 2017. Built on an area measuring 26,000 square
meters, the flour mill will have a milling capacity of 500-550 tons
per day and is expected to create more than 100 employment
opportunities for Omani nationals. Sohar Flour Mills is a
partnership between Essa Al Ghurair Investments and Atyab
Investments, wholly-owned by Oman Flour Mills. (MSM)
 The Wave, Muscat awards OMR16.2mn contract to Al Turki
– The Wave, Muscat has awarded an OMR16.2mn contract to
Al Turki Enterprises, for the construction of 99 villas known as
‘Reehan Residences’. The first stage of construction will include
a four-villa display village to showcase the new designs, which
will also be part of future villa releases at The Wave, Muscat.
(GulfBase.com)
 Tenmou-backed app secures $0.3mn funding – Tenmou,
Bahrain´s first Business Angels Company has announced that
'eat', an app that allows users to create restaurant reservations
online, has raised $300,000 in the second round of funding. With
this additional capital, the company has raised a total of
$400,000. (GulfBase.com)

7. 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
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (
#
Market closed on 29 January 2015) Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
QSE Index S&P Pan Arab S&P GCC
(0.4%)
(0.7%)
(1.0%)
0.0%
(0.4%)
(1.3%)
(1.7%)
(2.4%)
(1.6%)
(0.8%)
0.0%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,283.77 2.1 (0.8) 8.3 MSCI World Index 1,677.54 (1.0) (1.8) (1.9)
Silver/Ounce 17.26 1.8 (5.7) 9.9 DJ Industrial 17,164.95 (1.4) (2.9) (3.7)
Crude Oil (Brent)/Barrel (FM
Future)
52.99 7.9 8.6 (7.6) S&P 500 1,994.99 (1.3) (2.8) (3.1)
Crude Oil (WTI)/Barrel (FM
Future)
48.24 8.3 5.8 (9.4) NASDAQ 100 4,635.24 (1.0) (2.6) (2.1)
Natural Gas (Henry
Hub)/MMBtu
2.68 (6.9) (9.5) (10.5) STOXX 600 367.05 (0.6) (0.6) (0.0)
LPG Propane (Arab Gulf)/Ton 49.75 5.6 (1.7) 1.5 DAX 10,694.32 (0.6) 0.7 1.3
LPG Butane (Arab Gulf)/Ton 68.75 3.2 (3.2) 5.0 FTSE 100 6,749.40 (1.1) (1.2) (0.9)
Euro 1.13 (0.3) 0.8 (6.7) CAC 40 4,604.25 (0.7) (0.5) 0.5
Yen 117.49 (0.7) (0.2) (1.9) Nikkei 17,674.39 1.2 1.3 3.0
GBP 1.51 (0.0) 0.5 (3.3) MSCI EM 961.61 (1.2) (3.0) 0.6
CHF 1.09 0.4 (4.2) 8.0 SHANGHAI SE Composite 3,210.36 (1.7) (4.5) (1.5)
AUD#
0.78 0.0 (1.9) (5.1) HANG SENG 24,507.05 (0.4) (1.4) 3.8
USD Index 94.80 0.0 0.0 5.0 BSE SENSEX 29,182.95 (1.9) (1.4) 8.1
RUB 69.47 0.7 9.0 14.4 Bovespa 46,907.68 (4.4) (7.5) (7.5)
BRL 0.37 (2.8) (3.7) (1.2) RTS 737.35 (1.4) (10.2) (6.7)
171.0
135.3
124.1