Qatar stock exchange

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose marginally to close at 12,144.0. Gains were led by the
Transportation and Insurance indices, rising 1.3% and 0.8%, respectively. Top
gainers were Qatar General Insurance & Reinsurance Co. and Gulf
Warehousing Co., rising 5.0% and 2.5%, respectively. Among the top losers,
Doha Insurance Co. fell 3.3%, while Barwa Real Estate Co. was down 2.4%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.7% to close at 9,579.3. Gains were led
by the Telecom. & IT and Hotel & Tourism indices, rising 3.9% and 2.1%,
respectively. Etihad Etisalat rose 9.8%, while Petro Rabigh was up 9.7%.
Dubai: The DFM Index declined 0.2% to close at 3,740.5. The Financial &
Investment Services and Insurance indices fell 0.6% each. Ekttitab Holding
Co. fell 7.6%, while Marka Co. was down 3.2%.
Abu Dhabi: The ADX benchmark index rose 0.1% to close at 4,593.7. The
Energy index gained 2.0%, while the Investment & Financial Serv. rose 0.7%.
Arkan Building Materials Co. gained 7.0%, while Dana Gas was up 2.3%.
Kuwait: The KSE Index fell 0.4% to close at 6,513.9. The Consumer Serv. and
Telecommunication indices declined 1.0% each. Future Kid Entertainment and
Real Estate fell 9.1%, while Mashaer Holding was down 7.6%.
Oman: The MSM Index fell marginally to close at 6,525.7. The Financial index
declined 0.1%, while the other indices ended in green. Global Financial
Investment fell 3.6%, while Al Hassan Engineering was down 3.1%.
Bahrain: The BHB Index declined marginally to close at 1,466.7. The
Insurance index fell 0.2%, while the Commercial Banks index was down 0.1%.
Ithmaar Bank fell 2.9%, while Zain Bahrain was down 1.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar General Ins. & Reins. Co. 70.90 5.0 6.7 20.2
Gulf Warehousing Co. 58.40 2.5 8.8 3.5
Qatar Navigation 107.30 1.8 136.6 7.8
Gulf International Services 95.50 1.6 142.7 (1.6)
Industries Qatar 148.00 1.1 89.2 (11.9)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 47.55 (2.4) 1,228.9 13.5
United Development Co. 24.46 0.6 815.9 3.7
Vodafone Qatar 17.64 (0.3) 450.4 7.2
Ezdan Holding Group 15.57 (0.5) 334.9 4.4
Commercial Bank of Qatar 69.40 (0.9) 309.3 1.3
Market Indicators 08 Mar 15 05 Mar 15 %Chg.
Value Traded (QR mn) 251.1 336.4 (25.4)
Exch. Market Cap. (QR mn) 660,738.2 660,514.4 0.0
Volume (mn) 5.3 6.3 (14.6)
Number of Transactions 3,887 3,918 (0.8)
Companies Traded 41 43 (4.7)
Market Breadth 20:19 18:21 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,571.66 0.0 0.0 1.4 N/A
All Share Index 3,207.87 0.0 0.0 1.8 15.2
Banks 3,230.73 (0.2) (0.2) 0.8 14.7
Industrials 4,040.26 0.5 0.5 0.0 13.8
Transportation 2,497.82 1.3 1.3 7.7 14.1
Real Estate 2,390.77 (0.9) (0.9) 6.5 19.4
Insurance 4,120.26 0.8 0.8 4.1 17.9
Telecoms 1,418.62 0.5 0.5 (4.5) 18.8
Consumer 7,159.78 (0.2) (0.2) 3.7 28.2
Al Rayan Islamic Index 4,361.48 (0.3) (0.3) 6.3 17.5
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Etihad Etisalat Co. Saudi Arabia 42.50 9.8 28,719.1 (3.2)
PetroRabigh Saudi Arabia 25.20 9.7 11,957.0 38.8
Arriyadh Develop. Co. Saudi Arabia 24.57 5.2 7,454.5 20.4
Med. & Gulf Ins. Saudi Arabia 70.03 5.1 1,776.5 39.8
Qatar Gen. Ins. & Re. Qatar 70.90 5.0 6.7 20.2
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Gulf Cable & Elect. Ind. Kuwait 0.62 (6.1) 19.0 (10.1)
Nat. Bank of Kuwait Kuwait 0.89 (4.3) 900.4 (2.2)
Nat. Real Estate Co. Kuwait 0.14 (4.2) 269.6 4.5
Qassim Cement Saudi Arabia 96.80 (3.9) 196.5 8.6
Co for Coop. Ins. Saudi Arabia 87.20 (3.0) 1,136.6 74.6
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%
Doha Insurance Co. 26.05 (3.3) 1.0 (10.2)
Barwa Real Estate Co. 47.55 (2.4) 1,228.9 13.5
National Leasing 20.70 (2.0) 82.3 3.5
Medicare Group 151.00 (1.3) 17.3 29.1
Mannai Corp. 113.70 (0.9) 85.5 4.3
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 47.55 (2.4) 58,884.5 13.5
Commercial Bank of Qatar 69.40 (0.9) 21,519.9 1.3
United Development Co. 24.46 0.6 19,978.4 3.7
Qatar Navigation 107.30 1.8 14,631.0 7.8
Gulf International Services 95.50 1.6 13,535.4 (1.6)
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* 12,144.01 0.0 0.0 (2.4) (1.2) 68.96 181,438.7 15.0 1.9 3.8
Dubai 3,740.50 (0.2) (0.2) (3.2) (0.9) 100.12 92,512.0 7.5 1.3 5.0
Abu Dhabi 4,593.71 0.1 0.1 (2.0) 1.4 43.25 128,128.3 12.4 1.6 3.8
Saudi Arabia 9,579.28 0.7 0.7 2.9 15.0 2,729.23 554,893.0 19.3 2.3 2.7
Kuwait 6,513.90 (0.4) (0.4) (1.3) (0.3) 48.90 99,798.6 17.4 1.1 3.8
Oman 6,525.73 (0.0) (0.0) (0.5) 2.9 7.74 24,806.3 10.7 1.4 4.3
Bahrain 1,466.67 (0.0) (0.0) (0.6) 2.8 2.45 22,878.8 9.8 0.9 4.5
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,080
12,100
12,120
12,140
12,160
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 marginally to close at 12,144.0. The
Transportation and Insurance indices led the gains. The index
rose on the back of buying support from non-Qatari shareholders
despite selling pressure from Qatari shareholders.
 Qatar General Insurance & Reinsurance Co. and Gulf
Warehousing Co. were the top gainers, rising 5.0% and 2.5%,
respectively. Among the top losers, Doha Insurance Co. fell
3.3%, while Barwa Real Estate Co. was down 2.4%.
 Volume of shares traded on Sunday fell by 14.6% to 5.3mn from
6.3mn on Thursday. Further, as compared to the 30-day moving
average of 14.5mn, volume for the day was 63.1% lower. Barwa
Real Estate Co. and United Development Co. were the most
active stocks, contributing 23.0% and 15.3% 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
Makkah Construction &
Development Co. (MCDC)*
Saudi Arabia SR – – 91.0 21.3% 86.0 19.4%
Alliance Insurance* Dubai AED 12.5 8.3% – – 48.1 8.8%
Sharjah Insurance Co.
(SICO)*
Abu Dhabi AED 73.9 -14.2% -20.1 NA 5.7 6.4%
Source: Company data, DFM, ADX, MSM (*FY2014 results)
News
Qatar
 DHBK plans to launch ETF on QSE – Doha Bank (DHBK) is
planning to launch an exchange traded fund (ETF) on the Qatar
Stock Exchange (QSE) with Amwal acting as the fund manager
and the Group Securities as the liquidity provider. An agreement
has been signed to appoint Amwal as the fund manager, as well
as to get licensing for the index benchmark from QSE. DHBK’s
CEO R. Seetharaman said that the Qatar Index ETF, which is
pending regulatory approvals, will track the QSE Index. Once
approved by the Qatar Financial Markets Authority (QFMA), the
ETF would list on QSE and provide investors with exposure to
the index benchmark with a single trade. He added that the
Group Securities will provide bid and ask prices, as well as
coordinate with the fund manager to manage the supply of ETF
units on QSE. (QSE)
 QSE suspends UDCD shares on March 9 – The Qatar Stock
Exchange (QSE) has announced a suspension of trading in
United Development Company’s (UDCD) shares on March 9,
2015 due to the company’s AGM being held on that day. (QSE)
 Kahramaa signs deal with QEWS to establish water plant –
The Qatar General Electricity & Water Corporation (Kahramaa)
has signed an agreement with Qatar Electricity & Water
Company (QEWS) to establish a plant for the production and
desalination of water using reverse osmosis (RO) technology.
The plant, the first of its kind in Qatar, will have a capacity to
produce 36mn gallons of desalinated water every day. It will cost
$500mn and start operations in 3Q2016. Kahramaa and QEWS
have signed an offer letter to enable the latter to start work and
an agreement for buying water for the next 25 years will be
signed in three months. Under the agreement, QEWS will
establish the plant and Mitsubishi Company will be responsible
for preparing the design, importing equipment and installing the
plant. (Peninsula Qatar)
 QFCA: Qatar’s insurance market expands to $2bn – The
Qatar Financial Centre Authority’s (QFCA) Deputy CEO, Yousuf
Mohammed Al Jaida said that the size of Qatar’s insurance
market is expanding, though slowly, and has reached an
estimated $2bn. This represents 1% of the country’s GDP and
4% of the total value of the insurance market in the MENA
region. He said the Qatar Central Bank (QCB) is expected to
come out with fresh administrative regulations for insurance
companies soon. Al Jaida said confidence prevails in the MENA
insurance market since insurers expect regional premiums to
outgrow GDP and rates to finally stabilize. While the region’s
average income per capita is on par with the global level,
insurance penetration remains extraordinarily low with premiums
accounting for a mere 1.3% of GDP, a fifth of the global
average. (Peninsula Qatar)
 HIA wins top award – Hamad International Airport (HIA) has
won the ‘Strategic Project of the Year’ Award at the 2015 Global
Projects of the Year Awards ceremony. The awards ceremony
took place during the eighth Global Infrastructure Leadership
Forum organized by CG/LA Infrastructure in New York.
(Peninsula Qatar)
International
 Eurozone says Greek reform outline helpful – According to
the head of the Eurogroup, Jeroen Dijsselbloem, the reform
outline sent by Greece to Eurozone ministers to unblock loans is
helpful, however, it needs to be scrutinized by representatives of
the country's creditors. It also described seven reforms it wants
to launch to achieve goals agreed to by the previous
government. Once steps to reach these goals are taken, Greece
would become eligible for more credit from the Eurozone and
the International Monetary Fund, and its banks could again
finance themselves at European Central Bank open market
operations. Meanwhile, Greek Finance Minister Yanis
Varoufakis said Eurozone membership is a given and does not
form part of negotiations with the country's lenders. Varoufakis
also said that Greece could call a referendum or have early
elections should its Eurozone partners reject its debt and growth
plans. (Reuters)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 72.49% 73.96% (3,707,521.53)
Non-Qatari 27.52% 26.04% 3,707,521.53

3. Page 3 of 6
 Nakaso: BoJ must act if oil falls affect inflation expectations
– The Bank of Japan (BoJ) deputy governor, Hiroshi Nakaso
said the central bank must ease monetary policy further if oil
price falls hamper its efforts to ramp up inflation expectations,
stressing the central bank's readiness to top up stimulus to hit its
ambitious inflation target. However, Hiroshi Nakaso also said oil
price falls alone will not immediately lead to further action
because the BoJ is focusing on whether inflation is accelerating
as a trend backed by a solid economic recovery. Nakaso said
the decline in oil prices since last summer has drawn in roughly
$58bn worth of income to Japan's economy by improving its
terms of trade. The BoJ has stood pat since October when it
expanded its massive stimulus program to prevent slumping oil
prices, and a subsequent slowdown in inflation, from delaying a
sustained exit from 15 years of deflation. (Reuters)
 Exports jump in China, but slide in imports signals
economic weakness – Chinese exports picked up in the first
two months of 2015, propelled by February's exceptionally
strong performance that was inflated by the timing of Lunar New
Year, while a slide in imports pointed to persistent weakness in
the economy. Data released by the General Administration of
Customs showed that China posted a record trade surplus of
$60.6bn in February. Exports rose 15% YoY during the January-
February period, quickening from a 6.1% annual rise in the
whole of 2014 as demand from major markets improved.
February exports jumped 48.3% YoY, the strongest rise since
May 2010 and comfortably beat market expectations of 14.2%,
however, customs office cautioned about reading too much into
the figure given seasonal distortions. It said local exporters
usually make concentrated shipments ahead of the long Lunar
New Year holiday. January exports fell 3.3% YoY. Analysts tend
to look at the combined trade data for the two months to help
smooth out distortions caused by the holiday. (Reuters)
 Brazil's Rousseff asks nation to back austerity plan –
President Dilma Rousseff appealed to Brazilians to back fiscal
austerity policies, while saying that the belt-tightening will last as
long as needed and results will only start showing at the end of
2015. With the economy stalled and ties with her coalition allies
in disarray due to a corruption probe at state-run oil company
Petrobras, Rousseff needs support for unpopular steps to
reduce a gaping deficit and save Brazil's investment grade
rating on its debt from a downgrade by ratings agencies.
Rousseff said belt-tightening started with cutbacks in
government spending and moved on to reducing tax breaks and
subsidies for credit. Rousseff's plans to cut unemployment and
pension benefits, however, have met with resistance from within
her own Workers' Party and a decree to raise payroll taxes paid
by businesses was thrown out by her main ally in the Senate.
(Reuters)
Regional
 Moody’s: GCC reinsurance rates continue to decrease –
According to a study conducted by Moody’s Investors Service,
the GCC (Gulf Cooperation Council) reinsurance market is
characterized by overcapacity, with many international and local
players competing for reinsurance business. This coupled with
limited natural catastrophe risks, has resulted in increased levels
of coverage and a continued softening of reinsurance rates. The
additional pressure of softening rates on underwriting margins is
credit negative for reinsurers since it comes at a time when the
investment returns of companies are likely to remain at historic
lows. Moody’s expects these trends to continue over the short-
to-medium term, while the local reinsurance market looks set to
expand over the long-term. As per the study, the majority of
international reinsurers in the region primarily focus on
conventional reinsurance. They underwrite larger commercial
risks, often as the lead reinsurer, and in many cases provide the
reinsurance expertise and capital to enable local insurers to
effectively act as fronting agents. (GulfBase.com)
 RSHS seeks shareholders’ nod to distribute SR60mn
dividend – Red Sea Housing Services Company (RSHS) has
invited its shareholders to consider and approve the board of
directors’ recommendation to distribute a cash dividend of
SR60mn for 2014, or SR1.00 per share, which represents 10%
of the share nominal value, for shareholders registered on the
company’s records as of the AGM date. The shareholders will
also consider and approve various concluded agreements.
(Tadawul)
 AL Othaim seeks shareholders’ nod on cash dividend,
leasing contracts – Abdullah AL Othaim Markets Company (AL
Othaim) has invited its shareholders to approve the board of
directors’ recommendation to distribute cash dividends of
SR78.75mn for 2014, at the rate of SR1.75 per share, which
represents 17.5% of the company’s share capital. Moreover,
shareholders will also discuss and approve the leasing contracts
with different contract terms which took place during 2014
between the company and Al Othaim Holding Company with a
total amount of SR745,050 and between the company and
Abdullah Al Othaim Real Estate Investment & Development
Company and its subsidiaries with a total amount of
SR48.42mn. The shareholders will also discuss and approve the
participation with 25% share capital to establish Al Woustah
Company for Food Services with a share capital of SR100mn to
operate and manage ALBAIK restaurants in the Al Qassim
region. (Tadawul)
 Al-Khodari signs contracts with Health Ministry, Taibah
University – Abdullah A. M. Al-Khodari Sons Company (Al-
Khodari) has signed a contract with the Ministry of Higher
Education (Taibah University) to carry out the second phase of
the construction of Support Deanship building within 15 months
from the date of site handing over. The project is valued at
SR34.9mn. Al-Khodari also signed a contract with the Ministry of
Health for the construction of a 200-bed maternity and pediatrics
hospital in Rass. The SR313.2mn project will completed within
36 months from the date of site handing over. (Tadawul)
 NCB: Value of awarded contracts in Saudi Arabia reaches
SR220.8bn in 2014 – According to a report released by the
National Commercial Bank (NCB), the value of awarded
contracts in Saudi Arabia recaptured the loss in momentum that
was witnessed during 3Q2014 to reach SR61.9bn. The surge in
4Q2014 resulted in the total value of awarded contracts to settle
at SR220.8bn in 2014. Although the value of contract awards fell
by 25% as compared to 2013, 2014 still registered a strong
performance. As per the report, the main contributing sectors
were oil & gas (SR48bn), power (SR33bn) and transportation
(SR20bn). The sectors that were earmarked for government
expenditure as part of the 2014 budget were also well
represented such as healthcare, urban development and roads
with SR15bn each. During 4Q2014, the main contributors were
urban development (SR12bn), oil & gas (SR11bn) and
healthcare (SR10bn). Both physical and social infrastructure-
related sectors continued to grow as compared to 2013;
however, it was the reduction in the size of mega projects that
caused the decline in 2014. (GulfBase.com)
 Snapchat management holds talks with Prince Al Waleed –
Snapchat’s senior management held talks with Saudi Arabia's
Prince Al Waleed Bin Talal on potential cooperation. The
agenda of discussions related to future potential business
cooperation between Kingdom Holding Company (KHC) and
Snapchat in the technology field as the company looks to raise

4. Page 4 of 6
as much as $500mn in its latest funding round. KHC is 95%
owned by Prince Alwaleed. (Reuters)
 Ajman tourism revenue reaches AED300m in 2014 – Ajman
Tourism Development Department’s (ATDD) Research &
Development Executive, Dalal Al Marzouqi said that Ajman
tourism revenues reached nearly AED300mn in 2014, as
compared to AED220mn in 2013, noting that the average room
rates in Ajman were AED275 for one night. She said the number
of hotel and hotel apartments’ guests in 2014 had increased to
850,000 as compared to around 600,000 in 2013. The average
hotel occupancy rates had reached 65% in 2014.
(GulfBase.com)
 Drydocks seeks second debt restructuring – According to
sources, Drydocks World, a subsidiary of Dubai World, will ask
creditors to amend the terms of its $2.3bn restructuring deal
originally signed in 2012. The move comes as Dubai World is
close to finalizing a revision of its own $14.6bn debt pile, which
stems from loans renegotiated in the wake of the Emirate's
financial crisis at the turn of the decade. (Reuters)
 SCIDC BoD recommends 10% cash dividend – Sharjah
Cement & Industrial Development Company’s (SCIDC) board of
directors has recommended a cash dividend of 10% of the
company’s capital for the year ended December 31, 2014.
(ADX)
 SIC recommends 10% cash dividend – Sharjah Insurance
Company’s (SIC) board of directors has recommended a cash
dividend of 10%. (ADX)
 FPB plans overseas bank acquisitions – Falcon Private
Bank’s (FPB) Global Head of Private Banking, Erich Pfister said
that FPB is open to buying rivals as it expects a wave of
consolidation in the industry due to more onerous regulations.
He said that the bank would be open to deals covering its core
target markets of the Gulf, Eastern Europe, Africa and South
East Asia, and will target banks managing between $208mn to
$2.08bn in assets. (GulfBase.com)
 Al Mazaya OGM approves 6% cash dividend – Al Mazaya
Holding Company announced that its ordinary general meeting
(OGM) has approved the board of directors’ recommendation to
distribute 6% cash dividend of the paid -up capital i.e. 6 Kuwaiti
fils per share. Shareholders registered as of the date of OGM on
March, 8 2015 are eligible for the dividends. (DFM)
 Ooredoo Kuwait partners with Ericsson – Ooredoo Kuwait, a
member of Ooredoo Group, announced its partnership with
Ericsson to deploy the first LTE Advanced small cell solution. By
integrating small cell solution as part of the macro mobile
network, Ooredoo Kuwait can effectively provide increased
network capacity and improved coverage. (Zawya)
 Galfar Engineering BoD proposes 10% stock dividend –
Galfar Engineering & Contracting’s board of directors has
proposed a distribution of 10% stock dividend i.e. 1 share for
every 10 shares held as of December 31, 2014. This proposal is
subject to the approval of the company’s shareholders at the
next annual general meeting, scheduled for March 25, 2015.
(MSM)
 NBO seeks shareholders’ nod for cash, stock dividends –
National Bank of Oman (NBO) has invited its shareholders to
consider and approve the board of directors’ proposal to
distribute cash dividends at the rate of 17% of the paid-up
capital (17 baizas per share) and 10% bonus shares of the paid-
up capital (1 share per every 10 share). NBO’s share capital will
increase from 1,218,827,500 shares to 1,340,710,250 shares
following the bonus issue. (MSM)
 GIC BoD recommends 22% cash dividend – Gulf International
Chemicals’ (GIC) board of directors has proposed a distribution
of 22% cash dividend (22 baizas per share) amounting to
OMR462,000 for the year 2014. This proposal is subject to the
approval of the company’s shareholders at the annual general
meeting, scheduled for March 29, 2015. (MSM)
 CBO advises Taageer Finance on cash dividend – The
Central Bank of Oman (CBO) has advised Taageer Finance to
change the cash dividend from 15% to 10%, while approving the
company’s financial statements for the year ended December
31, 2014. (MSM)
 Bank Sohar’s board revises proposed dividends – Bank
Sohar’s board of directors, on the advice of the Central Bank of
Oman (CBO) has revised the proposed cash dividend to 4%, i.e.
4 baizas per share and the proposed stock dividend to 6%, i.e. 6
shares per every 100 shares held, instead of the 6% cash
dividend and 4% stock dividend proposed earlier for the year
2014. The proposed dividends are subject to approval of the
bank’s shareholders. (MSM)
 Omantel seeks shareholders’ nod for 75% cash dividends –
Oman Telecommunications Company (Omantel) has invited its
shareholders to consider and approve the board of directors’
proposal to distribute cash dividends of 75% of the paid-up
capital i.e. 75 baizas per share. The shareholders will also study
the proposal to authorize BoD to distribute interim dividends up
to a maximum 40% from the paid-up capital during the month of
August 2015, and to authorize the board to decide the date of
right. Omantel will also seek the shareholder’s approval for a
debut issuance of Sukuk. (MSM)
 Muscat Finance seeks shareholder’s approval for cash,
stock dividend – Muscat Finance announced that the annual
general body meeting (AGM) of its shareholders will be held on
March 23, 2015. The AGM will consider and approve proposed
cash dividend of 8% from the capital (OMR0.008 per share) and
a stock dividend of 8 % of the capital (8 shares for each 100
Shares). This will result in an increase in the paid-up share
capital of the company from 232,980,066 shares to 251,618,471
shares. (MSM)
 Oman’s insurance sector grows 10% – Ahmed bin Ali Al
Ma'amari, Director General supervising the Insurance sector at
the Capital Market Authority (CMA), said that Oman’s insurance
sector has achieved growth in terms of total value of premiums
in 2014 as compared to 2013. Total insurance premiums in 2014
grew by 10% or OMR36.37mn to touch OMR400.4mn, from
OMR364mn in 2013. Health insurance branch recorded the
highest growth rate with a 31% increase, followed by transport
insurance with 21%. He pointed out that the total value of net
direct premiums rose by 13% YoY in 2014, as health insurance
and other insurance achieved the highest growth rates, as
compared to the other types of insurance, which rose by 69%
and 17%, respectively in 2014 as compared to 2013.
(GulfBase.com)
 OPWP floats tender to manage solar monitoring sites –
Oman Power & Water Company (OPWP) has floated a tender to
provide operations and maintenance services at two of its solar
monitoring sites. These two sites are close to Adam city and
Manah city and OPWP is currently responsible for ensuring
consistent and accurate data collection from these two sites.
The last date for submitting the tender is April 9, 2015.
(GulfBase.com)
 BKIC approves 35% cash dividend – Bahrain Kuwait
Insurance Company’s (BKIC) general assembly has approved a

5. Page 5 of 6
cash dividend of 35% of the paid-up capital amounting to
BHD2.5mn. (Bahrain Bourse)
 GFH wins legal case against Presccott Energy – Gulf
Finance House (GFH) said that the Bahrain Chamber for
Disputes Resolution has issued a ruling in its favor in the legal
case filed against Presccott Energy Limited and its affiliates.
Accordingly, the company will be paid $3mn plus 3% interest for
the period starting June 4, 2013. GFH had filed the case in 2013
against Prescott and its affiliates with regard to GFH’s
investment in Prescott Oil Fund. (Bahrain Bourse)
 Ithmaar Bank reports $8.8mn net loss for 2014, not to
distribute dividend – Ithmaar Bank reported a net loss of
$8.85mn in 2014, lower than the net loss of $79.33mn reported
in 2013. The net loss attributable to equity holders of the bank
for 2014 amounted to $15mn, as compared to a net loss of
$80.4mn reported in 2013. Loss per share amounted to 0.52
cents in 2014 as against the loss per share of 2.76 cents in
2013. The bank’s total assets stood at $7.86bn at the end of
December 2014 as compared to $7.4bn a year ago. The
customer current accounts stood at $1.37bn at the end of
December 31, 2014. Meanwhile, the bank’s board of directors
decided not to distribute dividends to its shareholders for the
financial year ended December 31, 2014. (Bahrain Bourse)

6. Contacts
Saugata Sarkar Abdullah Amin, CFA Badar Husain
Head of Research Senior Research Analyst Head of Trading
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6547
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa badar.husain@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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Feb-11 Feb-12 Feb-13 Feb-14 Feb-15
QSE Index S&P Pan Arab S&P GCC
0.7%
0.0%
(0.4%)
(0.0%) (0.0%)
0.1%
(0.2%)
(0.6%)
(0.4%)
(0.2%)
0.0%
0.2%
0.4%
0.6%
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 1,167.19 (2.6) (3.8) (1.5) MSCI World Index 1,741.99 (1.2) (1.7) 1.9
Silver/Ounce 15.90 (1.9) (4.2) 1.3 DJ Industrial 17,856.78 (1.5) (1.5) 0.2
Crude Oil (Brent)/Barrel (FM
Future)
59.73 (1.2) (4.6) 4.2 S&P 500 2,071.26 (1.4) (1.6) 0.6
Crude Oil (WTI)/Barrel (FM
Future)
49.61 (2.3) (0.3) (6.9) NASDAQ 100 4,927.37 (1.1) (0.7) 4.0
Natural Gas (Henry
Hub)/MMBtu
2.88 (11.9) 4.6 (3.8) STOXX 600 394.18 (1.4) (2.5) 3.2
LPG Propane (Arab Gulf)/Ton 58.13 (2.3) (6.6) 18.6 DAX 11,550.97 (1.1) (1.8) 5.2
LPG Butane (Arab Gulf)/Ton 69.75 (3.1) (6.7) 6.5 FTSE 100 6,911.80 (1.8) (3.0) 1.7
Euro 1.08 (1.7) (3.1) (10.4) CAC 40 4,964.35 (1.4) (2.8) 4.2
Yen 120.83 0.6 1.0 0.9 Nikkei 18,971.00 0.5 (0.1) 7.4
GBP 1.50 (1.3) (2.6) (3.5) MSCI EM 971.23 (0.3) (1.9) 1.6
CHF 1.01 (1.2) (3.3) 0.9 SHANGHAI SE Composite 3,241.19 (0.1) (1.9) (0.6)
AUD 0.77 (0.8) (1.2) (5.6) HANG SENG 24,164.00 (0.1) (2.7) 2.3
USD Index 97.62 1.3 2.4 8.1 BSE SENSEX 29,448.95 0.0 (0.4) 8.5
RUB 60.43 (0.8) (2.1) (0.5) Bovespa 49,981.19 (2.3) (9.3) (13.2)
BRL 0.33 (1.9) (6.7) (13.4) RTS 903.45 (1.0) 0.8 14.3
174.5
141.9
129.5