The QSE Index in Qatar rose 0.8% led by gains in the real estate and telecom indices. Saudi Arabia's TASI index rose 1.8% led by petrochemical and industrial investment indices. Indices in Dubai, Abu Dhabi, Kuwait, Oman and Bahrain also rose modestly. Trading activity increased significantly in Qatar with volume up 43.5% and value traded rising 28.2% compared to the previous day. Top gainers were Qatar German Co for Medical Devices and Aamal Co, while top loser was Salam International Investment Co.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.8% to close at 12,623.9. Gains were led by the Real
Estate and Telecoms indices, rising 2.8% and 1.9%, respectively. Top gainers
were Qatar German Co for Medical Devices and Aamal Co., rising 10.0% and
8.3%, respectively. Among the top losers, Salam International Investment Co.
fell 10.0%, while Mannai Corp. was down 2.1%.
GCC Commentary
Saudi Arabia: The TASI Index rose 1.8% to close at 9,345.3. Gains were led
by the Petrochemical Ind. and Industrial Inv. indices, rising 3.0% and 2.8%,
respectively. Saudi Kayan rose 10.0%, while Nat. Petrochem. was up 7.3%.
Dubai: The DFM Index gained 0.2% to close at 3,893.4. The Consumer
Staples indices rose 3.6%, while the Insurance index gained 2.2%. Gulf
General Investment Co. rose 6.2%, while Damac Properties was up 5.8%.
Abu Dhabi: The ADX benchmark index rose 0.3% to close at 4,621.6. The
Consumer Staples index gained 2.0%, while the Energy index was up 1.8%.
Commercial Bank Int. surged 14.3%, while Sudan Telecomm. was up 13.9%.
Kuwait: The KSE Index gained 0.8% to close at 6,755.1. The Technology
index rose 2.4%, while the Real Estate index was up 1.4%. Kuwait Real Estate
Holding Co. and Salbookh Trading Co. were up 7.3% each.
Oman: The MSM Index rose 0.6% to close at 6,725.5. Gains were led by the
Financial and Industrial indices, rising 1.5% and 0.4%, respectively. Al Madina
Investment rose 8.7%, while Taageer Finance was up 8.6%.
Bahrain: The BHB Index gained 0.2% to close at 1,438.5. The Commercial
Bank index rose 0.4%, while the Investment index gained marginally. Esterad
Investment rose 1.9%, while National Bank of Bahrain was up 1.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar German Co for Medical Dev. 10.82 10.0 512.9 6.6
Aamal Co. 19.00 8.3 4,666.9 25.1
Vodafone Qatar 18.55 8.2 10,082.1 12.8
Qatar General Ins. and Reins. Co. 59.00 7.3 17.6 0.0
National Leasing 22.40 7.2 2,668.9 12.0
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 18.55 8.2 10,082.1 12.8
Ezdan Holding Group 17.00 3.0 6,222.6 13.9
Aamal Co. 19.00 8.3 4,666.9 25.1
Barwa Real Estate Co. 51.10 4.3 2,966.4 22.0
National Leasing 22.40 7.2 2,668.9 12.0
Market Indicators 8 Feb 15 5 Feb 15 %Chg.
Value Traded (QR mn) 1,133.2 883.9 28.2
Exch. Market Cap. (QR mn) 681,340.1 676,062.5 0.8
Volume (mn) 40.3 28.1 43.5
Number of Transactions 11,302 10,641 6.2
Companies Traded 41 41 0.0
Market Breadth 29:9 26:13 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,948.10 0.8 0.8 3.4 N/A
All Share Index 3,263.76 0.9 0.9 3.6 15.6
Banks 3,258.87 0.0 0.0 1.7 14.9
Industrials 4,095.93 1.0 1.0 1.4 13.9
Transportation 2,461.37 1.1 1.1 6.2 14.4
Real Estate 2,582.06 2.8 2.8 15.0 22.6
Insurance 3,919.57 1.5 1.5 (1.0) 16.0
Telecoms 1,440.79 1.9 1.9 (3.0) 19.1
Consumer 7,351.32 (0.2) (0.2) 6.4 29.4
Al Rayan Islamic Index 4,471.13 1.8 1.8 9.0 18.1
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Saudi Kayan Petrochem. Saudi Arabia 13.70 10.0 83,346.1 24.9
Aamal Co. Qatar 19.00 8.3 4,666.9 25.1
Vodafone Qatar Qatar 18.55 8.2 10,082.1 12.8
National Petrochem. Co. Saudi Arabia 27.10 7.3 1,118.7 23.7
Qatar Gen. Ins. & Reins. Qatar 59.00 7.3 17.6 0.0
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Com. Bank Of Dubai Dubai 7.50 (3.2) 987.9 15.4
Nat. Real Estate Co. Kuwait 0.14 (2.7) 100.0 9.1
Mannai Corporation Qatar 105.60 (2.1) 75.5 (3.1)
Mabanee Co. Kuwait 1.02 (1.9) 513.2 6.3
Saudi Cement Saudi Arabia 97.46 (1.8) 416.8 1.8
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%
Salam International Investment Co 15.48 (10.0) 2,090.7 (2.3)
Mannai Corporation 105.60 (2.1) 75.5 (3.1)
Islamic Holding Group 120.00 (1.6) 95.1 (3.6)
United Development Co. 25.15 (1.4) 1,955.1 6.6
Mesaieed Petrochem. Holding Co. 29.45 (1.3) 327.0 (0.2)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Vodafone Qatar 18.55 8.2 180,249.2 12.8
Barwa Real Estate Co. 51.10 4.3 149,654.7 22.0
Ezdan Holding Group 17.00 3.0 103,888.8 13.9
Aamal Co. 19.00 8.3 89,385.6 25.1
Gulf International Services 109.10 0.1 59,317.1 12.4
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 12,623.93 0.8 0.8 6.1 2.8 311.20 187,096.0 15.8 2.0 3.8
Dubai 3,893.36 0.2 0.2 6.0 3.2 232.04 95,352.2 12.7 1.4 5.0
Abu Dhabi 4,621.55 0.3 0.3 3.7 2.0 70.59 127,905.1 12.2 1.5 3.7
Saudi Arabia 9,345.32 1.8 1.8 5.3 12.1 3,196.69 539,921.4 18.6 2.2 2.9
Kuwait 6,755.14 0.8 0.8 2.8 3.4 90.25 101,152.9 16.6 1.1 3.8
Oman 6,725.47 0.6 0.6 2.5 6.0 126.69 25,355.0 10.2 1.5 4.2
Bahrain 1,438.47 0.2 0.2 1.0 0.8 1.11 53,781.8 10.2 0.9 4.7
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)
12,450
12,500
12,550
12,600
12,650
12,700
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 rose 0.8% to close at 12,623.9. The Real Estate
and Telecoms indices led the gains. The index rose on the back
of buying support from non-Qatari shareholders despite selling
pressure from Qatari shareholders.
 Qatar German Co for Medical Devices and Aamal Co. were the
top gainers, rising 10.0% and 8.3%, respectively. Among the top
losers, Salam International Investment Co. fell 10.0%, while
Mannai Corp. was down 2.1%.
 Volume of shares traded on Sunday rose by 43.5% to 40.3mn
from 28.1mn on Thursday. Further, as compared to the 30-day
moving average of 13.8mn, volume for the day was 190.7%
higher. Vodafone Qatar and Ezdan Holding Group were the most
active stocks, contributing 25.0% and 15.5% to the total volume
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings
Earnings Releases
Company Market Currency
Revenue
(mn) 4Q2014
% Change
YoY
Operating Profit
(mn) 4Q2014
% Change
YoY
Net Profit (mn)
4Q2014
% Change
YoY
Advanced Petrochemical
Co. (APC)*
Saudi Arabia SR – – 735.1 30.0% 751.0 34.9%
Agthia Group* Abu Dhabi AED 1,655.1 9.4% – – 193.3 21.8%
Sharjah Cement & Industrial
Development Co. (SCIDC)*
Abu Dhabi AED 675.0 8.2% 43.0 -17.3% 62.0 26.5%
Taageer Finance Co.* Oman OMR – – – – 3.8 -3.6%
Salalah Mills Co. (SMC) Oman OMR 67.6 12.8% – – 5.5 10.9%
Source: Company data, DFM, ADX, MSM (*FY2014 results)
News
Qatar
 QIIK 2014 net income and dividend in-line with our
estimates – QIIK (Qatar International Islamic Bank) posted a
net profit of QR825.8mn (up 10.1% YoY) in 2014 vs. our
estimate of QR819.7mn. EPS amounted to QR5.45 in 2014 vs.
QR4.96 in 2013. QIIK’s board of directors proposed cash DPS
of QR4.00 (QR3.75 in 2013) in-line with our estimate of QR4.00.
Going forward, we maintain a cash DPS of QR4.00 for 2015,
implying a dividend yield of 4.7%. Solid balance sheet
performance in 2014: Total assets reached QR38.4bn at the
end of 2014, up 12.8% YoY. Customer deposits stood at
QR26.6bn at the end of 2014 vs. QR24.2bn in 2013. Financing
assets posted a strong growth of 14.8% YoY to reach
QR21.8bn. Total shareholders’ equity stood at QR5.4bn in 2014
as compared to QR5.1bn in 2013. Tier 1 Sukuk announced.
QIIK’s capital adequacy ratio under Basel II stood at 16.27% at
the end of 2014 as compared to 18.86% at the end of 2013. The
board has proposed to the general assembly to issue additional
Tier 1 Sukuk, up to QR3bn, to support the bank’s future capital
requirements. Catalyst/Key Events in the pipeline: Going
forward, given the appreciation in real estate prices over the last
few quarters, we expect QIIK to sell some of its real estate
portfolio. This could potentially improve the bottom-line in
coming quarters (not incorporated in our estimates) and act as a
catalyst for the stock price. The bank is also actively looking at
international expansion. Any newsflow in this regard could also
act as a catalyst for the stock. We maintain our estimates and
price target of QR85.00; reiterate Market Perform rating. For
2015 and 2016, we expect QIIK to post earnings of QR903mn
and QR984mn, respectively. The bank trades on P/E and P/B
multiples of 14.3x and 2.2x on our 2015 estimates, respectively.
 SIIS’ net profit declines 31.2% in FY2014, recommends 6%
dividend – Salam International Company (SIIS) has reported
31.2% YoY decline in its net profit to QR78.3mn in FY2014,
despite higher operating income (+16.0% YoY to QR2.37bn).
The company’s net profit fell primarily due to an increase in both
operating costs (QR1.77bn in FY2014 vs. QR1.48bn in FY2013)
and general & administrative expenses (QR216.1mn vs.
QR192.2mn), along with a 27.2% YoY decline in investment
income to QR148.9mn in FY2014. Other income surged by
206.9% YoY to QR28.7mn in FY2014, while finance cost was
down 15.2% YoY to QR76.7mn. EPS amounted to QR0.68 in
FY2014 as compared to QR1.00 in FY2013. Meanwhile, the
company has suggested 6% cash dividend, which needs to be
approved by its shareholders at the annual general assembly
meeting slated to be held on February 25, 2015. (QSE)
 MCGS reports QR181.5mn net profit in FY2014 – Medicare
Group (MCGS) reported a net profit of QR181.5mn in FY2014
versus QR89.4mn in FY2013. EPS amounted to QR6.45 in
FY2014 as compared to QR3.18 in FY2013. Meanwhile, the
company’s board decided to put forward to the Ordinary AGM,
expected to be held on March 11, 2015, its recommendations for
the distribution of cash dividends of 50% of the nominal share
value (QR5.0. per share). (QSE)
 QOIS reports QR26mn net profit in FY2014 – Qatar Oman
Investment Company (QOIS) reported a net profit of QR26mn in
FY2014 versus QR20mn in FY2013. EPS amounted to QR0.825
in FY2014 as compared to QR0.629 in FY2013. Meanwhile, the
company’s board of directors decided to recommend to the
General Assembly for the approval of the distribution of 8% cash
dividends (80 dirhams per share). (QSE)
 KCBK seeks shareholder nod for dividend and bond plan –
Al Khalij Commercial Bank’s (KCBK) board of directors has
invited its shareholders to attend the annual general assembly
(AGM) and the extraordinary general assembly (EGM), which
Overall Activity Buy %* Sell %* Net (QR)
Qatari 67.56% 72.14% (51,973,115.70)
Non-Qatari 32.45% 27.86% 51,973,115.70

3. Page 3 of 6
will be held on February 25, 2015. KCBK’s shareholders will
consider the board’s proposal regarding the distribution of cash
dividends of 10% of the share nominal value (QR1 per share) for
the year ended December 31, 2014. The shareholders will also
consider approving issuance of non-convertible bonds up to a
maximum amount outstanding of $1.75bn. In case the required
quorum is not met, both meetings shall be deferred to March 2,
2015. (QSE)
 ERES BoD meeting on February 24 – Ezdan Holding Group’s
(ERES) board of directors will meet on February 24, 2015 to
discuss and approve the financial results ending December 31,
2014. (QSE)
 QATI launches new products at Qatar Motor Show – Qatar
Insurance Company (QATI), the official insurer for the 2015
Qatar Motor Show, has revealed its new products and services
at the event. QATI introduced its recently launched “U-Club”, the
nation’s-first loyalty program for policyholders of comprehensive
car insurances. QATI’s new launches are aimed at making car
travel and home insurance purchasing easier. (Gulf-Times.com)
 GDF Suez aims to reinforce its position in Qatar – French
electric utility company, GDF Suez is looking to reinforce its
presence in Qatar by strengthening its foothold and diversifying
its portfolio of assets. GDF Suez, which already operates two
major power & water plants in Qatar, is a bidder in Qatar’s new
power plant. The company is also looking to accelerate its
presence in the energy management services in the run up to
the FIFA 2022 World Cup. GDF Suez is involved in almost 40%
of the total power production in Qatar. (Peninsula Qatar)
International
 Oil price steadies after weak Chinese trade data – Crude oil
prices steadied on February 9 as falling oil rig counts in the US
and ongoing conflict in Libya were balanced by a slump in
Chinese imports, pointing to lower fuel demand in the world’s
biggest energy consumer. The global benchmark Brent crude
price for March 2015 was up 30 cents at $58.10 a barrel after
rising as high as $59.06 earlier in the session. US WTI crude
was up 60 cents at $52.29 a barrel, having reached a session
high of $53.40. Brent rose more than 9% last week, its biggest
weekly rise since February 2011. The North Sea oil futures
contract has climbed more than 18% in the past two weeks, its
strongest showing since 1998. The move ended a six-month
slide, which saw oil prices lose more than half their value.
(Reuters)
 US urges Eurozone leaders to compromise with Athens;
Euro will collapse if Greece exits – According to the Financial
Times (FT), the Obama administration is pushing Eurozone
leaders to compromise more with Greece's new government as
fears grow about a protracted budget stand-off damaging the
global economy. According to FT’s report citing European Union
and US officials, the US lobbying effort comes amid mounting
concerns in Brussels and Washington about the hardline stance
taken by some members of the Eurozone, particularly Germany
to force Greece to press on with its austerity commitments.
Meanwhile, the Greek Finance Minister Yanis Varoufakis said if
Greece is forced out of the Eurozone, other countries will
inevitably follow and the currency bloc will collapse. Greece's
new government is trying to re-negotiate its debt repayments
and has begun to roll back austerity policies agreed earlier.
Meanwhile, British Finance Minister George Osborne said the
standoff between Greece and the Eurozone over Greek debt is
steadily raising the risks for the British economy. Osborne said
Britain was stepping up its contingency planning for any Greece-
related instability. (Reuters)
 Japanese current account surplus shrinks again in 2014 –
The current account surplus of Japan shrank for the fourth
straight year to its smallest on record, complicating Tokyo's
efforts to rein in its massive public debt. Some analysts expect a
reduction in the fuel import bill amid a collapse in global oil
prices could help narrow the persistent trade gap and boost the
surplus on the current account. The Ministry of Finance data
showed that Japan's current account surplus fell 18.8% to 2.6tn
yen in 2014, reflecting a bulging trade deficit, which is a worrying
sign since it will hurt the balance of payments. This was the
smallest surplus in comparable data available right from 1985.
The narrowing surplus has raised concerns that a persistent
trade deficit may tip the current account into the negative
territory over the medium term. (Reuters)
 China's imports slump 19.9%, dismal trade in January –
Trade performance in China slumped in January, with exports
falling 3.3% YoY, while imports tumbled 19.9%, highlighting the
deepening weakness in the Chinese economy. Largely as a
result of the sharply lower imports – particularly of coal, oil and
commodities – China posted a record monthly trade surplus of
$60bn. The data contrasted sharply with a Reuters poll, which
showed analysts’ expectation for exports to gain 6.3% and the
slowdown in imports to 3%, following a better-than-expected
showing in December. The poll had also forecast a trade surplus
of $48.9bn. The slide in imports is the sharpest since May 2009,
when Chinese factories were still slashing inventories in reaction
to the global financial crisis. Exports have not produced a
negative annual reading since March 2014. (Reuters)
Regional
 Tadawul announces deposit of TADCO, Al Alamiya’s
subscribed shares – The Saudi Stock Exchange (Tadawul)
announced that Tabuk Agriculture Development Company
(TADCO) and Al Alamiya for Cooperative Insurance Company’s
(Al Alamiya) new shares have been deposited in the
shareholders’ portfolios on February 8, 2015, based on their
allocation. (Tadawul)
 Saudi ORIX BoD recommends SR27.5mn dividend for 2014
– Saudi ORIX Leasing Company’s board of directors has
recommended the distribution of 5% dividend (SR0.5 per share)
amounting to SR27.5mn for 2014. Shareholders, who are
registered at the end of the general assembly meeting date, are
entitled for dividends. This decision will be conveyed to the
general assembly meeting for statutory approval. (Tadawul)
 SCC BoD recommends SR382.5mn dividend for 2H2014 –
Saudi Cement Company’s (SCC) board of directors has
recommended the distribution of 25% cash dividend (SR2.5 per
share) amounting to SR382.5mn for 2H2014. Shareholders
registered with the Securities Depository Center (Tadawul) as
on the Ordinary Annual General Assembly Meeting date,
expected to be held during March 2015, will be eligible for
dividends. (Tadawul)
 NCEP: 60 major firms plan 226 exhibitions across the
Kingdom – The National Convention and Exhibition Program
(NCEP) in its recent report revealed that there are 60
specialized companies planning to hold 226 trade exhibitions in
2015 across Saudi Arabia, and will cover 18 economic sectors.
According to the report, 60% of exhibitions are scheduled to
take place in the approved exhibition halls, 31% in hotels, and
9% in licensed halls. (GulfBase.com)
 SFG: Saudi real GDP expected to grow by 2.6% in 2015 –
According to a report released by Samba Financial Group
(SFG), Saudi Arabia’s non-oil GDP growth is expected to ease
to 4.5% in 2015, from 5.1% in 2014. The non-oil growth is

4. Page 4 of 6
expected to further cool to 1.6% in 2016, as the tighter fiscal
stance feeds through (and as the calendar reverts to 12
months), before gathering pace again in 2017 and 2018 as
rising oil prices restore some private sector confidence. The
report stated that the non-oil economy will be expanding at a
5.4% pace by 2018. With the oil sector contributing little growth,
the trend in overall real GDP growth is expected to be very
similar to that of non-oil GDP, growing by 2.6% in 2015, before
dipping down to 1.5% in 2016. There are prospects for a growth
of 2% in 2017 before it accelerates to 3.8% in 2018. Exports
have suffered from the slowdown in China and the outlook for
Chinese demand appears weak over the short-term. However,
other Asian countries should continue to absorb Saudi
intermediate goods as demand for Asian manufactures in the
US and, to a lesser extent the Eurozone, picks up again.
Inflationary pressures are expected to remain muted over the
next three years. (GulfBase.com)
 ATMC appoints financial advisor for rights issue – Alinma
Tokio Marine Company (ATMC) has appointed Saudi Kuwaiti
Finance House as financial advisor to manage the rights issue
offering. (Tadawul)
 APC invites shareholders to approve 7.5% cash dividend
for 4Q2014 – Advanced Petrochemical Company (APC) has
invited its shareholders to approve the board of directors’
recommendation to distribute 7.5% cash dividend (SR0.75 per
share) amounting to SR123mn for 4Q2014. Shareholders
registered in the company’s shareholders records in Tadawul at
the end of the ordinary general assembly shall be eligible to
receive the dividends. This brings the total dividend distribution
for 2014 to SR3 per share, totaling SR492mn. (Tadawul)
 AZIZI reveals AED4.5bn investments in Dubai real estate
market – The UAE-based property developer, AZIZI
Developments has revealed that it has invested an estimated
AED4.5bn into Dubai’s real estate sector till date, driven by
robust local demand for affordable luxury and value homes.
AZIZI Developments is expected to sustain its upward trajectory
in 2015 as it plans to launch more new luxury residential and
hotel projects and develop elite hotel apartments across Dubai.
The company had launched five large-scale residential projects
in 2014. (GulfBase.com)
 GGICO launches free-hold apartment property – GGICO
Properties has launched its new Grand Horizon Apartments, a
new freehold one-bedroom apartment complex in Dubai Sports
City. The new project offers quick access to both Al Khail and
Sheikh Mohammed Bin Zayed Road and is situated adjacent to
the Victory Heights Primary School. The unit prices start from
AED799, 846. (GulfBase.com)
 Buroj Property to invest AED10bn in Bosnia – Dubai-based
Buroj Property Development is on the verge of starting work at
the Buroj Ozon project in Bosnia. The project, which will be
developed in partnership with the Bosnian government at the
cost of around AED10bn, features villas, shopping centers and
hotels. It will be constructed in four phases, the first of which
begins during 3Q2015. (GulfBase.com)
 Abu Dhabi's Khalifa Port container volumes grow 26% in
2014 – Abu Dhabi’s Khalifa Port operated by Abu Dhabi
Terminals (ADT), handled 1.13mn TEUs (twenty-foot equivalent
unit containers) in 2014, representing a YoY growth of 26% in
container volumes after it attracted more shipping lines. Four
new shipping lines began services to Khalifa Port in 2014, taking
the total to 20 lines serving 52 destinations. Khalifa Port's
container terminal currently has an annual capacity of 2.5mn
TEUs, which can be raised to 5mn TEUs, depending on demand
over the next few years. (Reuters)
 KFH reports 9.1% increase in 2014 net profit – Kuwait
Finance House (KFH) reported a net profit of KD126.5mn in
2014, representing a jump of 9.1% YoY. The bank said that its
board of directors has proposed a cash dividend of 15% and a
10% stock dividend for 2014. This compares with a 13% payout
of both cash and shares in 2013. (Reuters)
 KFH brand value rises 18.5% to $953mn – According to the
valuation of Brand Finance agency, published by “The Banker”
magazine for the top 500 Brands in the world for the year 2015,
Kuwait Finance House’s (KFH) brand value increased by 18.5%
to $953mn from $805mn in 2014, while its global brand ranking
improved to 163rd from 173rd in 2014. This confirms KFH’s
strong reputation, robust position, outstanding performance, and
the leadership in the Islamic finance industry. (GulfBase.com)
 Kuwaiti committee recommends rejecting bids for
KD1.39bn airport expansion – Kuwait's minister for electricity,
water & public works, Abdulaziz al-Ibrahim, said that a technical
committee in the ministry has recommended rejecting all bids to
build a new terminal at the country's international airport, without
giving a reason for the same. In November 2014, the tender
committee for the project said a consortium of Kuwait's Kharafi
National and Turkey's Limak Holding had submitted the lowest
bid for the contract, worth KD1.386bn. (Reuters)
 AAAID sells entire 33.25% stake in Asaffa Foods – Arab
Authority for Agricultural Investment & Development (AAAID)
has sold all its 39,898,654 shares, representing 33.25% of the
share capital in Asaffa Foods, to Zulal Investment Company, a
wholly-owned subsidiary of Qatar-based Hassad Food
Company. (MSM)
 CBO to issue GDB worth OMR200mn – The Central Bank of
Oman (CBO) said that it will issue Government Development
Bonds (GDB) worth OMR200mn with a maturity period of 10
years and a coupon rate of 4.5% per annum. The issue is open
for subscription from February 8 to 15, 2015, while the auction
will be held on February 17, 2015. Interest on the new bonds will
be paid on August 23 and February 23 every year, and the date
of maturity is February 23, 2025. The 46th GDB issue is offered
to all investors of any nationality residing in Oman only. It is not
open for subscription to investors residing abroad.
(GulfBase.com)
 BMB reports $4.52mn net profit for FY2014 – Bahrain Middle
East Bank (BMB) posted a $4.52mn net profit for FY2014, as
against a net loss of $4.66mn in FY2013. The bank’s total
operating income for FY2014 amounted to $12.23mn as
compared to $11.93mn in FY2013. The bank’s total assets
stood at $172.84mn at the end of December 2014 as against
$169.5mn at the end of December 2013. EPS stood at 1.87
cents, against losses per share of 1.92 cents in 2013.
Meanwhile, BMB’s board of directors has decided not to
distribute dividends to its shareholders for the financial year
ended December 31, 2014. (Bahrain Bourse)
 GARMCO signs MoU with MI for technical cooperation –
Gulf Aluminium Rolling Mill Company (GARMCO) has signed a
MOU for technical and operational cooperation with Dubai-
based Metals Industries (MI), the holding company for the Saif
Al Ghurair Group's aluminum and metals businesses. Under the
terms of the MoU, GARMCO and MI will work together across a
number of key areas covering operational, technical and
warehousing/service centre functions in order to identify
prospects for mutual benefit and the capturing of synergies.
(GulfBase.com)
 Gulf Air, Batelco extend partnership agreement – Gulf Air
and Bahrain Telecommunications Company (Batelco) have

5. Page 5 of 6
extended their partnership agreement to enhance benefits for
Batelco’s Al Dana customers. As per the terms of the
agreement, members of Batelco Al Dana Club, who hold Gulf Air
Frequent flyer cards as part of their Al Dana Club benefits, will
have the opportunity to accrue additional Gulf Air Falconflyer
Miles based on their Batelco bill payments. The accrual rates for
Batelco’s customers have been raised from 30 to 50 Gulf Air
Falconflyer Miles for every BHD100 spent. (Peninsula Qatar)

6. 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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
QSE Index S&P Pan Arab S&P GCC
1.8%
0.8% 0.8%
0.2%
0.6%
0.3%
0.2%
0.0%
0.4%
0.8%
1.2%
1.6%
2.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,233.92 (2.4) (3.9) 4.1 MSCI World Index 1,720.55 (0.4) 2.6 0.6
Silver/Ounce 16.71 (3.2) (3.1) 6.4 DJ Industrial 17,824.29 (0.3) 3.8 0.0
Crude Oil (Brent)/Barrel (FM
Future)
57.80 2.2 9.1 0.8 S&P 500 2,055.47 (0.3) 3.0 (0.2)
Crude Oil (WTI)/Barrel (FM
Future)
51.69 2.4 7.2 (3.0) NASDAQ 100 4,744.40 (0.4) 2.4 0.2
Natural Gas (Henry
Hub)/MMBtu
2.55 (3.0) (4.7) (14.7) STOXX 600 373.31 (0.9) 2.0 2.0
LPG Propane (Arab Gulf)/Ton 54.75 4.0 10.1 11.7 DAX 10,846.39 (1.7) 1.7 3.0
LPG Butane (Arab Gulf)/Ton 69.25 3.6 0.7 5.7 FTSE 100 6,853.44 (0.6) 3.0 2.1
Euro 1.13 (1.4) 0.2 (6.5) CAC 40 4,691.03 (1.4) 2.2 2.7
Yen 119.12 1.4 1.4 (0.6) Nikkei 17,648.50 (0.8) (1.6) 1.4
GBP 1.52 (0.6) 1.2 (2.1) MSCI EM 978.57 (0.4) 1.8 2.3
CHF 1.08 (0.6) (0.7) 7.3 SHANGHAI SE Composite 3,075.91 (1.8) (4.1) (5.5)
AUD 0.78 (0.0) 0.4 (4.6) HANG SENG 24,679.39 (0.4) 0.7 4.6
USD Index 94.70 1.2 (0.1) 4.9 BSE SENSEX 28,717.91 (1.0) (1.5) 6.5
RUB 66.86 0.4 (3.8) 10.1 Bovespa 48,792.27 (2.2) 0.7 (6.9)
BRL 0.36 (1.3) (3.5) (4.6) RTS 826.40 2.7 12.1 4.5
181.4
141.7
129.6