The QSE Index rose 0.9% to close at 10,002.8.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.9% to close at 10,002.8. Gains were led by the Transportation and
Real Estate indices, gaining 2.8% and 1.8%, respectively. Top gainers were Qatari
Investors Group and Islamic Holding Group, rising 9.9% each. Among the top losers,
Qatar General Insurance & Reinsurance Co. fell 3.8%, while Zad Holding Co. was down
2.9%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.8% to close at 6,023.1. Gains were led by the Media
& Publishing and Transport indices, rising 9.8% and 3.3%, respectively. Saudi Printing
& Pack. surged 10.0%, while Saudi Research & Mark. was up 9.9%.
Dubai: The DFM Index gained 0.7% to close at 3,191.8. The Banks index rose 1.4%,
while the Real Estate & Construction index gained 0.9%. Drake & Scull International
rose 7.2%, while Dubai Islamic Insurance and Reins. Co. was up 5.5%.
Abu Dhabi: The ADX benchmark index rose 0.4% to close at 4,313.6. The Consumer
Staples index gained 2.9%, while the Investment & Financial Services index rose 2.8%.
Al Wathba National Ins. gained 7.4%, while Al Khazna Ins. was up 3.6%.
Kuwait: The KSE Index gained 0.4% to close at 5,166.2. The Consumer Goods index rose
2.0%, while the Technology index gained 1.5%. Palms Agro Production Co. rose 9.8%,
while The Securities House was up 7.8%.
Oman: The MSM Index fell 0.1% to close at 5,430.4. The Financial index declined 0.3%,
while the other indices ended in green. Al Hassan Engineering fell 2.9%, while Raysut
Cement was down 2.4%.
Bahrain: The BHB Index gained 0.2% to close at 1,176.2. The Commercial Bank index
rose 0.4%, while the other indices ended either in red or in flat. Al Salam Bank –
Bahrain rose 3.2%, while Al-Ahli United Bank was up 0.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatari Investors Group 39.30 9.9 429.5 4.2
Islamic Holding Group 56.50 9.9 223.9 (28.2)
Gulf Warehousing Co. 45.50 8.6 21.9 (20.0)
Mannai Corp 104.20 6.4 172.6 9.3
Doha Bank 42.50 3.7 276.8 (4.5)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Gulf International Services 34.70 (1.4) 2,222.8 (32.6)
Barwa Real Estate Co. 37.10 3.6 1,014.9 (7.3)
United Development Co. 22.18 1.1 952.9 6.9
Industries Qatar 109.50 2.3 626.8 (1.4)
Salam International Inv. Ltd 12.55 0.7 581.9 6.2
Market Indicators 23 Feb 16 22 Feb 16 %Chg.
Value Traded (QR mn) 401.4 496.0 (19.1)
Exch. Market Cap. (QR mn) 532,360.2 527,232.0 1.0
Volume (mn) 9.8 14.6 (32.8)
Number of Transactions 6,089 6,140 (0.8)
Companies Traded 38 39 (2.6)
Market Breadth 24:12 26:10 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,670.79 1.2 0.8 (3.3) 12.2
All Share Index 2,688.80 1.3 1.2 (3.2) 12.0
Banks 2,724.72 0.9 0.0 (2.9) 11.4
Industrials 2,982.71 1.7 3.6 (6.4) 13.3
Transportation 2,424.59 2.8 4.4 (0.3) 11.4
Real Estate 2,181.91 1.8 0.1 (6.5) 10.8
Insurance 4,202.68 (0.6) (0.6) 4.2 10.6
Telecoms 1,057.28 0.4 1.1 7.2 23.2
Consumer 5,952.32 1.3 0.9 (0.8) 12.6
Al Rayan Islamic Index 3,604.75 2.1 2.0 (6.5) 13.3
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Print. & Packaging Saudi Arabia 21.55 10.0 7,158.7 (18.0)
Qatari Investors Group Qatar 39.30 9.9 429.5 4.2
Saudi Res. & Marketing Saudi Arabia 43.80 9.9 2,995.2 (24.2)
Tihama Adv. & Public Saudi Arabia 38.95 9.1 11,512.0 30.7
Gulf Warehousing Co. Qatar 45.50 8.6 21.9 (20.0)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
IFA Hotels & Resorts Co. Kuwait 0.17 (10.4) 0.5 (15.7)
Com. Bank of Dubai Dubai 5.00 (5.7) 647.2 (20.6)
Gulf Pharmaceutical Ind. Abu Dhabi 2.45 (5.0) 1,045.0 (2.0)
Eastern Province Cem. Saudi Arabia 32.26 (4.6) 2,113.3 1.7
Qatar Gen. Ins. & Reins. Qatar 51.00 (3.8) 10.4 (0.2)
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%
Qatar General Ins. & Reinsur. Co. 51.00 (3.8) 10.4 (0.2)
Zad Holding Co. 71.40 (2.9) 0.1 (15.8)
Al Khaleej Takaful Group 25.00 (1.6) 7.8 (18.0)
Gulf International Services 34.70 (1.4) 2,222.8 (32.6)
Dlala Brokerage & Inv. Holding Co 13.10 (1.3) 125.0 (29.2)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 34.70 (1.4) 80,044.3 (32.6)
Industries Qatar 109.50 2.3 68,177.9 (1.4)
Barwa Real Estate Co. 37.10 3.6 37,262.7 (7.3)
United Development Co. 22.18 1.1 21,061.2 6.9
Qatar Fuel 164.50 1.5 19,148.7 11.5
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* 10,002.80 0.9 0.4 5.5 (4.1) 110.24 146,186.1 12.2 1.5 4.8
Dubai 3,191.81 0.7 3.2 6.5 1.3 193.28 84,490.9 11.2 1.2 3.7
Abu Dhabi 4,313.57 0.4 2.4 6.4 0.1 69.27 118,945.9 11.6 1.4 5.3
Saudi Arabia 6,023.08 0.8 2.4 0.4 (12.9) 1,684.31 368,758.7 13.8 1.4 4.2
Kuwait 5,166.19 0.4 0.5 1.0 (8.0) 56.98 82,125.6 14.8 1.0 4.8
Oman 5,430.41 (0.1) 0.2 4.8 0.4 5.86 22,046.2 11.5 1.1 4.7
Bahrain 1,176.17 0.2 0.3 (0.9) (3.3) 1.26 18,505.3 8.7 0.8 5.8
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)
9,900
9,920
9,940
9,960
9,980
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 rose 0.9% to close at 10,002.8. The Transportation and Real
Estate indices led the gains. The index rose on the back of buying support
from Qatari shareholders despite selling pressure from non-Qatari and GCC
shareholders.
 Qatari Investors Group and Islamic Holding Group were the top gainers,
rising 9.9% each. Among the top losers, Qatar General Insurance &
Reinsurance Co. fell 3.8%, while Zad Holding Co. was down 2.9%.
 Volume of shares traded on Tuesday fell by 32.8% to 9.8mn from 14.6mn
on Monday. However, as compared to the 30-day moving average of 9.1mn,
volume for the day was 7.4% higher. Gulf International Services and Barwa
Real Estate Co. were the most active stocks, contributing 22.7% and 10.4%
to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings Releases, Global Economic Data and Earnings Calendar
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Bank Muscat S&P Oman
LT-FIC/LT-LIC/ST-
FIC/ST-LIC
BBB+/BBB+/A-
2/A-2
BBB-/BBB-/A-
3/A-3
 Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local
Currency, FIC–Foreign Issuer Credit, LIC–Local Issuer Credit)
Earnings Releases
Company Market Currency
Revenue (mn)
4Q2015
% Change
YoY
Operating Profit
(mn) 4Q2015
% Change
YoY
Net Profit
(mn) 4Q2015
% Change
YoY
Al Ain Ahlia Insurance Co.* Abu Dhabi AED 222.7 6.1% 61.3 -12.1% 20.7 -65.1%
Bahrain CarPark Co.* Bahrain BHD 1.1 -17.2% 0.5 -50.7% 0.5 -48.6%
Source: Company data, DFM, ADX, MSM (*FY2015 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
02/23 US S&P/Case-Shiller S&P/Case-Shiller US HPI MoM December 0.78% – 0.83%
02/23 US S&P/Case-Shiller S&P/CaseShiller 20-City Index NSA December 182.8 183.1 182.7
02/23 US S&P/Case-Shiller S&P/CS 20 City MoM SA December 0.80% 0.85% 0.96%
02/23 US S&P/Case-Shiller S&P/CS Composite-20 YoY December 5.74% 5.80% 5.74%
02/23 US S&P/Case-Shiller S&P/Case-Shiller US HPI NSA December 175.65 – 175.5
02/23 US S&P/Case-Shiller S&P/Case-Shiller US HPI YoY December 5.43% – 5.22%
02/23 France INSEE Business Confidence February 100.0 102.0 102.0
02/23 France INSEE Manufacturing Confidence February 103.0 102.0 103.0
02/23 France INSEE Production Outlook Indicator February -4.0 – 2.0
02/23 France INSEE Own-Company Production Outlook February 17.0 – 11.0
02/23 Germany Destatis Private Consumption QoQ 4Q2015 0.30% 0.30% 0.60%
02/23 Germany Destatis Government Spending QoQ 4Q2015 1.00% 1.20% 0.50%
02/23 Germany Destatis Capital Investment QoQ 4Q2015 1.50% 0.10% 0.10%
02/23 Germany Destatis Construction Investment QoQ 4Q2015 2.20% 0.80% -0.20%
02/23 Germany Destatis Domestic Demand QoQ 4Q2015 0.80% 0.50% 0.60%
02/23 Germany Destatis Exports QoQ 4Q2015 -0.60% -0.30% 0.30%
02/23 Germany Destatis Imports QoQ 4Q2015 0.50% 0.30% 1.10%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of reporting 4Q2015 results No. of days remaining Status
MCCS Mannai Corp. 24-Feb-16 0 Due
ORDS Ooredoo 1-Mar-16 6 Due
Source: QSE
News
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 46.85% 41.01% 23,458,333.63
Qatari Institutions 17.56% 20.54% (11,953,134.38)
Qatari 64.41% 61.55% 11,505,199.25
GCC Individuals 1.50% 2.30% (3,193,434.65)
GCC Institutions 4.86% 6.87% (8,060,438.44)
GCC 6.36% 9.17% (11,253,873.09)
Non-Qatari Individuals 16.93% 17.27% (1,329,813.66)
Non-Qatari Institutions 12.29% 12.02% 1,078,487.50
Non-Qatari 29.22% 29.29% (251,326.16)

3. Page 3 of 7
Qatar
 QNNS bottom-line declines sequentially in 4Q2015 – Qatar
Navigation’s (QNNS) net profit declined to QR136mn in 4Q2015
from QR308mn in 3Q2015, missing our estimate of QR238mn. Net
income for 4Q2015 included some impairments of QR58mn
relating to vessels/equipment, which we do not forecast. Excluding
this item, QNNS net income for the fourth quarter came in at
QR195mn. Meanwhile, the board of directors has proposed to
distribute 50% cash dividend, which translates into QR5 per share.
(QNBFS Research, QSE)
 QCSD deposits QATI bonus shares – The Qatar Central Securities
Depository (QCSD) has announced the addition of the bonus
shares to the accounts of Qatar Insurance Company (QATI)
shareholders. Following the addition, the company’s capital has
gone up to QR2.03bn, distributed across 203,083,580 shares. The
shareholders may trade these shares from February 24, 2016.
(QSE)
 QSE suspends trading of IQCD shares on February 24 – The Qatar
Stock Exchange (QSE) has announced the trading suspension of
Industries Qatar’s (IQCD) shares on February 24, 2016 due to its
AGM being held on that day. (QSE)
 QSE suspends trading of QIGD shares on February 24 – The Qatar
Stock Exchange (QSE) has announced the trading suspension of
Qatari Investors Group’s (QIGD) shares on February 24, 2016 due
to its AGM being held on that day. (QSE)
 QIBK general assembly approves 42.5% dividend; approves Sukuk
program – Qatar Islamic Bank’s (QIBK) general assembly has
approved the distribution of dividends to shareholders at the rate
of 42.5% of the nominal value of its share capital (i.e. QR4.25 per
share). The assembly also approved the extension of QIBK’s
approval of the QR3bn amount remaining from the issue of
unlisted Sukuk eligible for inclusion as additional Tier 1 capital
that was initially approved as part of the QR5 bn program. Further,
the assembly also agreed to raise the limit of QIBK’s Sukuk
program to $3bn instead of the $1.5bn limit that was approved in
the previous general assembly meeting. (QSE)
 Chairman: MARK expects 8-10% profit growth in 2016 – Masraf Al
Rayan (MARK) Chairman Hussain Ali al-Abdulla has said that the
bank is expected to post annual profit growth of 8-10% in 2016.
He said that the bank had no plans to issue Sukuk or Shari’ah-
compliant bonds in 2016 as there was no need for additional
liquidity. (Reuters)
 KCBK to issue bonds worth QR2bn – Al Khalij Commercial Bank
(KCBK) CEO Fahad al-Khalifa has said that the bank has obtained
shareholders’ approval to issue up to QR2bn of bonds to boost its
core capital. He said the capital increase would help support future
business opportunities, especially in the local market. KCBK is also
looking at issuing a dollar-denominated bond under its regular
debt issuance program to assist with its funding needs, having
increased the size of the program in 2015. KCBK acting Chief
Business Officer Paul Maguire said the program went up from
$750mn to $2.5bn, but the bank has not issued any public bonds
from that due to market conditions. Under the regular program,
which does not have a timeframe, the bank issued a $500mn five-
year bond in October 2013 with a 3.25% coupon. Meanwhile, the
shareholders approved the board of director’s proposal to
distribute cash dividend equal to 10% of the bank’s paid-up
capital, which translates into QR1 per share. (Reuters, Gulf-
Times.com)
 QGRI seeks shareholders’ nod for dividends/bonus shares – Qatar
General Insurance and Reinsurance Company (QGRI) will hold its
ordinary and extraordinary general assembly meetings (AGM &
EGM) on March 15, 2016. Shareholders at the AGM will consider
approving the board of directors’ proposal to distribute 15% cash
dividend (equivalent to QR1.5 per share) and 10% bonus shares.
The meeting will also consider approving the company’s corporate
governance report for the year 2015. The AGM will also consider
approving the company’s businesses and its financial position in
2015. In case, quorum is not met, the second meeting will be held
on March 21, 2016. (QSE)
 QEWS: Power and water demand in 2016 expected to grow by 6-8%
– Qatar Electricity and Water Company (QEWS) Managing Director
Fahad bin Hamad Al Mohannadi has said that demand for
electricity and water is expected to grow in the range of 6-8% YoY
in 2016. He said, “The water demand in Qatar is growing high as
more and more houses, industrial facilities and commercial
establishments are being interconnected across the country.” He
said the country is yet to witness the all-time peak demand of
utilities in the run-up to the 2022 FIFA games preparations, and
QEWS is much ahead enhancing the installed capacity, which is
always maintaining big surplus than the actual peak demand. With
the completion of ongoing projects, including the Umm Al Houl
plant, the estimated installed capacity of the company is expected
to exceed around 11,000 MW of electricity and 490 million gallons
per day (MIGD) of water by 2018-end. (Peninsula Qatar)
 QNBFS: Banking sector loan book continues growth trajectory in
January – QNB Financial Services (QNBFS) has, in a report, said
that the overall loan book continued its growth trajectory in
January 2016, increasing by 1.3% MoM after increasing by 1.2%
MoM in December 2015. On the other hand, deposits receded by
1.4% MoM in January. Public sector drove total credit growth with
a gain of 3.6% MoM (up 1.1% MoM in December 2015).
Conversely, public sector deposits contracted by 6.7% MoM (down
5.2% MoM in December 2015). Thus, the loans-to-deposit ratio
(LDR) was elevated to 119% as compared to 116% at the end of
December 2015. (Gulf-Times.com)
 Prime Minister opens Shangri-La Hotel Doha – HE the Prime
Minister and Interior Minister Sheikh Abdullah bin Nasser bin
Khalifa al-Thani has inaugurated Shangri-La Hotel, Doha, a 50-
storey property located in the commercial district of West Bay. A
life-sized portrait of HH the Emir and HH the Father Emir was also
unveiled on the occasion. Strategically located, close to the
business and diplomatic areas, Shangri-La Hotel, Doha offers a
direct link to the City Center Mall and is only five minutes from the
waterfront promenade. It has 272 guestrooms and suites and 42
serviced apartments. (Gulf-Times.com)
 Emir issues decrees – HH the Emir Sheikh Tamim bin Hamad al-
Thani has issued the following decrees: 1) Decree No. 15 of 2016,
ratifying an agreement on the regulation of the employment of
Cambodian labor in Qatar between the governments of Qatar and
Cambodia, which was signed in Doha on May 9, 2011. 2) Decree
No. 16 of 2016, ratifying an agreement on economic, commercial
and technical cooperation between the governments of Qatar and
Ukraine, which was signed in Doha on January 13, 2002. 3) Decree
No. 17 of 2016, ratifying a memorandum of understanding on
tourism cooperation between the governments of Qatar and
Kyrgyzstan, which was signed in Doha on December 8, 2014. The
Emir issued the following five instruments of ratification: 1)
Instrument of ratification for a draft agreement on sea transport
between the governments of Qatar and Turkey. The draft
agreement was signed in Doha on December 2, 2015. 2)
Instrument of ratification for a draft cooperation agreement in the
education field. The agreement was signed between the
governments of Qatar and Turkey in Doha on December 2, 2015.
3) Instrument of ratification for a draft cooperation protocol in the
health field between the governments of Qatar and Turkey, signed
in Doha on December 2, 2015. 4) Instrument of ratification for a
draft Memorandum of Understanding (MoU) between the
governments of Qatar and Afghanistan. The draft MoU was signed

4. Page 4 of 7
in Doha on December 29, 2015. 5) Instrument of ratification for a
draft co-operation agreement in the culture and arts field between
the governments of Qatar and Kazakhstan. The draft was signed in
Doha on October 26, 2015. (Gulf-Times.com)
 Qatargas, Maersk Group ink collaboration deal for LNG technology –
Qatargas has signed a technical collaboration agreement with the
Maersk Group to explore opportunities related to the use of LNG
marine propulsion. It is estimated that the use of LNG propulsion
can lead to a potential reduction in CO2 emissions of 25% as
compared to the use of conventional shipping fuels. (Gulf-
Times.com)
 VFQS offers up to six times more data on internet cards – Vodafone
Qatar (VFQS) has launched one of its “most competitive” internet
offers for its customers, who can now avail up to six times more
data on internet cards with the chance to carry over any unused
data. The promotion runs until February 25, 2016. VFQS’s new
promotion takes the Monthly Pack 20 data bundle to 500MB, twice
the initial allowance; the Monthly Pack 60 to 3GB, the Monthly
Pack 80 to 12GB; the Mobile Monthly Internet Pack 100 to 30GB;
and the Mobile Monthly Internet Pack 200 to 72GB. The data is
valid for 30 days. Additionally, VFQS is rewarding customers with
the chance to win QR10,000 through a “Scratch & Win” option with
Monthly Internet Card 100. (Guf-Times.com)
 Government allots 23 plots to build labor camps – The government
has allotted 23 huge plots of land for private companies to build
labor camps with modern amenities. The plots are located in
different areas of the country, which are Umm Zubaar, Al Khor,
and Umm Salal. The allotment has been made by the Ministry of
Municipality and Environment, which was formerly known as the
Ministry of Municipality and Urban Planning. The ministry told
Qatar News Agency (QNA) that the aim of the move is to help the
private sector house their workers in ideal conditions, providing
health services and entertainment facilities. (Peninsula Qatar)
 QA to double flights to Romania – Qatar Airways (QA) will double
the number of flights on its Doha to Bucharest route from this
summer, enhancing the service from a daily to double-daily
offering, in response to increased passenger demand to and from
the Henri Coandă International Airport, Bucharest, Romania. (Gulf-
Times.com)
 Logic Group to open 20th hypermarket in Qatar – Logic Group of
Companies is all set to open its new hypermarket on February 25,
2016 at Maider in Doha, Qatar. This would be 20th such outlet –
located on Umm Al Dawn Street – of this business group
headquartered in Qatar. (Gulf-Times.com)
 New IT platform to help improve workers’ welfare – The Supreme
Committee for Delivery and Legacy (SC) has designed a new tailor-
made IT platform to make audits and inspections of workers’
welfare standards readily accessible on an iPad, desktop or mobile
phone, replacing boxes of paperwork. The innovative system will
make implementation, auditing and feedback on the SC’s workers’
welfare standards quicker and more effective. It is now being
implemented by contractors and SC auditors alike. (Gulf-
Times.com)
 RasGas achieves key milestone with 5,000th helium cargo delivery –
RasGas, the operator of Ras Laffan’s helium production, storage,
loading and sales facilities, reached a “significant” milestone
recently when it delivered its 5,000th cargo of helium from the
Helium-1 plant, further cementing Qatar’s position as one of the
world’s leading helium producers and exporters. (Gulf-Times.com)
 ORDS showcases M2M, Internet of Things portfolio – Ooredoo
(ORDS) is promoting its success in further developing its machine-
to-machine (M2M) and Internet of Things (IoT) portfolio for
customers across its footprint, at the 2016 Mobile World Congress
in Barcelona. Demand for IoT/M2M solutions, which enable
business assets to communicate directly with each other or with a
central command centre, is rising strongly as more companies look
to automate day-to-day activities. (Gulf-Times.com)
 ORDS, VFQS join Qatar Credit Bureau – Qatar Credit Bureau has
announced the joining of Ooredoo (ORDS) and Vodafone Qatar
(VFQS) to its membership and to the list of institutions and
companies benefiting from the services and products it offers.
Under the agreement, Qatar Credit Bureau will permit
telecommunications companies operators an access to credit
reports of their customers after obtaining their consent, which
contributes to the growth of credit and reduces the risks.
(Peninsula Qatar)
International
 US housing strong; weak consumer confidence clouds outlook – US
home resale’s unexpectedly rose in January, 2016 reaching a six-
month high, in the latest sign that the economy remains on firm
ground despite slowing global growth and tightening financial
market conditions. The housing market strength was echoed by
other data on February 23, showing solid rise in house prices in
the year to December 2015. However, the economic outlook was
tempered by a fall in consumer confidence this month amid a stock
market rout. According to a survey annualized US single-family
home prices rose less than expected in November, 2015. The
S&P/Case Shiller composite index of 20 metropolitan areas rose
5.7% YoY in December, matching the increase the month before.
That was just below the 5.8% Reuters estimate. (Reuters)
 Mark Carney: BoE making no judgments about EU referendum
outcome – Bank of England (BoE) Governor Mark Carney has said
that the central bank was not making judgments about the
outcome of Britain’s referendum on its EU membership, but noted
moves in the pound sterling since the date of the vote was set.
Carney said interest rate cuts and a broadening of a bond-buying
program were the possibilities as he sought to counter concerns
that the BoE might be running low on ammunition to boost
Britain’s economy, if needed. So far, the slowing of the global
economy has not had a big impact on British growth, which
remains stronger than in many other rich economies since 2013.
Carney, speaking to lawmakers, stuck to his view that British
interest rates were more likely than not to rise from a record low
0.5% over the next three years as the economy continues to grow.
However, as the global outlook darkens, debate among investors
has turned to what more governments and central banks globally
can do to boost demand. Concerns about Britain’s EU membership
referendum might also hurt the country’s growth. Carney pointed
to intensifying risks in emerging markets and said the BoE could
provide more stimulus, if needed. (Reuters)
 EBA: EU to start 2016 stress tests of banks on February 24 – The
European Banking Authority (EBA) has said that top European
banks will face the latest check on their finances this week, as the
regulators run stress tests on the sector in an effort to ensure its
resilience to possible economic and other threats. The EBA said it
will start the test on February 24, 2016 and will publish the
economic scenarios it will be based on, such as a sharp recession,
at the same time. The planned checks, which aim to help
supervisors evaluate the profitability and sustainability of banks’
business models, come just after the latest bout of turbulence, with
banking stocks pounded by market worries about the impact of
slowing global growth and low interest rates. Since the 2007-09
financial crisis that forced taxpayers to shore up many lenders
across the European Union (EU), the regulators have held stress
tests nearly every year. Banks had been given a 12-month break
from the time-consuming stress tests, which from 2016 will be
held every second year. No test was held in 2015 after an intensive
exercise that also included a review of assets on banks’ balance

5. Page 5 of 7
sheets in 2014 ahead of the European Central Bank (ECB)
becoming the supervisor for the Eurozone’s top lenders in
November 2014. (Reuters)
 ECB: Some Eurozone banks taking more risk in search of yields –
The European Central Bank (ECB) Chairperson of the Supervisory
Board Daniele Nouy has said that low banking profitability across
the Eurozone raises stability concerns and lenders need to stop
taking on bigger risks to prop up earnings. Nouy said weak
earnings threaten banks’ ability to generate capital and access
financial markets, a stability risk that is exacerbated by a
sometimes “hazardous” search for yields. Regulators are running
checks on major European banks this week to see how resilient
they are to possible economic and other threats. Banks’ net
interest margin has halved over the past two decades, taking a
fresh hit in recent years after the ECB cut its key rate into negative
territory. Margins are expected to remain under pressure for an
extended period on weak growth and ultra-low rates. (Reuters)
 Minister of Commerce: China’s consumption growth would speed
up in 2016 – Chinese Minister of Commerce Gao Hucheng has said
that consumption in China would continue to grow at a quick pace
in 2016. China’s economic slowdown has caused jitters in global
financial markets as it seeks to rebalance its economy towards
consumption-led growth from a traditional reliance on exports
and investment. In January 2016, the statistics bureau said that
consumption accounted for 66.4% of China’s GDP growth in 2015.
Business surveys have shown resilient growth in the services
sector even as activity in old economy sectors such as heavy
industry contracts. Gao said the recent yuan fluctuations will not
impact trade performance, adding that neither depreciation or
appreciation of the yuan would benefit China’s trade. (Reuters)
Regional
 IMF Chief urges Gulf States to introduce taxes – The International
Monetary Fund (IMF) Chief Christine Lagarde has urged oil-
exporting Gulf countries to introduce taxes, warning that low
crude prices are likely to stay for an extended period. She said Gulf
economies need to strengthen their fiscal frameworks and
reengineer their tax systems by reducing their heavy reliance on
oil revenues and by boosting non-hydrocarbon sources of
revenues. She pointed out that oil exporters in the Middle East and
North Africa lost more than $340bn in oil revenue from their
budgets in 2015, amounting to 20% of their combined GDP. She
added that the IMF is confident that Gulf Cooperation Council
(GCC) economies can make the large fiscal adjustments they need
to cope with a period of low oil prices. (GulfBase.com)
 SFG BoD appoints Chairman – Samba Financial Group’s (SFG)
board of directors (BoD) has appointed Eisa M. AlEisa as the
chairman of the board for a three-year tenure which started on
January 20, 2016. (Tadawul)
 Abdullah Al Othaim Markets BoD recommends 20% dividend –
Abdullah Al Othaim Markets Company’s board of directors (BoD)
has recommended distribution of 20% (SR2 per share) dividend
amounting to SR90mn for 2015. Shareholders registered in the
Securities Depository Center (Tadawul) at the close of trading on
the general assembly meeting day, will be eligible for dividend.
The meeting and the distribution date will be announced later.
(Tadawul)
 Saudi Cable signs agreements to restructure debts – Saudi Cable
Company has made an announcement regarding the term sheet
signed with its lenders on April 7, 2015. The company has signed
restructuring agreements with Al Rajhi Bank, National Commercial
Bank, Bank Al Jazira and BNP Paribas on February 23, 2016. The
terms of the agreement allow Saudi Cable to amortize its debts
amounting to SR798mn over a period of 7 years, with the final
payment to be made by December 2022. (Tadawul)
 Ali Al-Naimi sees output freeze expanding – Saudi Arabian Oil
Minister Ali Al-Naimi urged global energy executives to stick
together through the worst industry slump in decades, saying he
was confident that the growing support for a deal to freeze output
would ease the global glut. He expects most countries to sign the
provisional supply pact, perhaps at a meeting in March 2016. The
agreement, announced after a surprise meeting between Saudi
Arabia, Russia, Venezuela and Qatar a week ago, is the beginning of
a process. But he cautioned against expectations that it may lead to
a reduction in production, which was running at record highs in
some countries in January 2016. (Reuters)
 Sikorsky to explore helicopter production in KSA – Saudi-based
Taqnia Aeronautics and Sikorsky have agreed to look at producing
Black Hawk helicopters in Saudi Arabia. Faced with weak oil
prices, Riyadh wants to diversify its economy, create skilled jobs
and boost the private sector, including raising participation in the
defense industry. Sikorsky is a subsidiary of Lockheed Martin.
Lockheed is rapidly expanding its international sales and wants to
strengthen its presence in key markets such as Saudi Arabia.
(Reuters)
 KSA inflation accelerates the most in more than three years –
According to the General Authority for Statistics, inflation in Saudi
Arabia accelerated the most in more than three years in January
2016 after government subsidy cuts drove up transportation and
commodity prices. Consumer prices rose an annual 4.3%, up from
2.3% in December 2015. As per the authority, consumer prices
went up 1.9% in January 2016. Transportation prices in January
2016 went up 12.6% from a year earlier, while housing, water, fuel
and electricity costs increased 8.3%. Healthcare costs increased
5.5%. (Bloomberg)
 Mubadala mulls sale of SR Technics – According to sources,
Mubadala Development Company is considering the sale of Swiss
aircraft-maintenance business SR Technics and an initial public
offering of Yahsat Satellite. The government-backed fund has
reportedly held talks on the possible transactions with banks and
any deal will depend on the market conditions. Mubadala is also
seeking the sale of a stake in US chipmaker Globalfoundries.
(Bloomberg)
 Senaat’s unit raises $185mn loan – Senaat’s unit has secured a
$185mn loan from a consortium of Japanese and UAE banks. The
loan will finance the manufacturing and sale of steel pipes for the
oil & gas sector by Al Gharbia Pipe Company, which is 51% owned
by Senaat. Japan Bank for International Cooperation provided
$111mn of the loan, with Sumitomo Mitsui Banking Corporation,
Mizuho Bank and National Bank of Abu Dhabi lending the
remainder. (Reuters)
 Dubai Parks & Resorts reaches new milestone – LEGOLAND Dubai
and LEGOLAND Water Park, part of the Dubai Parks & Resorts
destination, have announced the launch of their annual pass sales,
marking an important milestone for the company. (DFM)
 DI BoD to buy additional stake in JV company – Dubai Investments’s
(DI) board of directors (BoD) has agreed to issue a binding offer to
purchase further 20% stake in joint venture (JV) company
(Property Investments)at a consideration of AED98mn, subject to
requisite consents and approval. (DFM)
 SCAD: Abu Dhabi consumer prices up 3.2% in January 2016 –
According to the latest report issued by the Statistics Centre - Abu
Dhabi (SCAD), consumer prices in Abu Dhabi jumped 3.2% in
January 2016 as compared with January 2015, with the increase
largely stemming from a hike in electricity and water tariffs that
was introduced in January in the Emirate. The housing, water,
electricity, gas and other fuels’ group accounted for the largest
share (81.8%) of the overall YoY rise in prices. The segment’s
prices rose by 8.2% over the same month in 2015. Meanwhile, the

6. Page 6 of 7
food & beverages segment contributed 3.9% of the increase as the
group’s prices rose 1.1%. On a MoM basis, prices fell 0.6% in
January 2016 when compared with December 2015, with the
largest contributor to the drop being the transport segment, which
was down 3.5%. (GulfBase.com)
 Majan Glass seeks shareholders’ nod for 10% cash dividend – Majan
Glass will hold its ordinary annual general meeting (AGM) on
March 20, 2016. Shareholders at the meeting will consider
approving the board’s proposal to distribute 10% cash dividend
from the paid-up capital for the financial year ended December 31,
2015. (MSM)
 National Biscuit Industries seeks shareholders’ nod for 15% cash
dividend – National Biscuit Industries will hold its annual general
meeting (AGM) on March 13, 2016. Shareholders at the meeting
will consider approving the board’s proposal to distribute 15%
cash dividend from the paid-up capital for the financial year ended
December 31, 2015. (MSM)
 Raysut Cement BoD recommends 50% cash dividend – Raysut
Cement Company’s board of directors (BoD) has recommended
distribution of 50% cash dividend from the paid-up capital for the
financial year ended December 31, 2015. This recommendation is
subject to the approval of the shareholders in the annual general
meeting to be held on March 29, 2016. (MSM)
 Omantel signs MoU with Ericsson for network expansion – Oman
Telecommunications Company (Omantel) has signed a formal MoU
with Ericsson to enhance network capabilities and services. Under
the terms of the agreement, Omantel and Ericsson will form joint
teams to collaborate on four key areas of network improvement,
focusing on: deployment of intelligent network upgrades &
enhancements, development of innovative fixed & mobile products
and services, expansion of Omantel’s product portfolio as well as
joint evaluation of potential areas for future collaboration.
(GulfBase.com)
 Meethaq signs MoU for Al Hamra project in Ras Al Hamra – Meethaq
and Oman Property Development Company have signed a MoU to
facilitate attractive Meethaq home finance for the Al Hamra Classic
Home project in Ras Al Hamra. (GulfBase.com)
 EHC to raise $520mn loans for units – Oman's state-owned
Electricity Holding Company (EHC) is planning to raise $520mn in
long-term loans to finance two of its units, as the Sultanate looks to
outside sources of investment funds. The company, which holds
the government's stake in nine companies engaged in the
generation, transmission and distribution of electricity and related
water services, will use the funds to support Majan Electricity
Company and Dhofar Power Company. EHC CEO Omar Al-Wahaibi
said that the company has just started the process of raising the
funds, which would have a maturity of 10 years. (GulfBase.com)
 Alba upgrades to EGA DX+ Ultra Technology for Line 6 –
Aluminium Bahrain (Alba) has upgraded the technology for its
Line 6 Expansion Project from EGA DX+ to the EGA DX+ Ultra. The
upgradation to the EGA DX+ Ultra Technology will boost Alba’s
production to 540,000 metric tons per annum (mtpa), an increase
of 26,000 mtpa versus prior projections. This will bring Alba's
total production capacity to approximately 1,500,000 mtpa
making Alba the largest single site smelter in the world. (Bahrain
Bourse)
 Bahrain Car Park recommends 5% cash dividend – Bahrain Car
Park Company’s board of directors (BoD) has recommended
distribution of 5% cash dividend to its shareholders registered on
the AGM day (the record date). This recommendation is subject to
approval by the relevant regulators. (Bahrain Bourse)
 AUB reports 11.3% growth in 2015 net profit – Ahli United Bank
(AUB) reported a record net profit attributable to its equity
shareholders of $537.2mn in 2015 as compared to $482.5mn in
2014, representing a growth of 11.3%. The net profit in 4Q2015
was $118mn as compared to $106.2mn in 4Q2014. The positive
operating results of AUB were primarily driven by the growth in
its core operating earnings across its major lines of business and
markets, despite the continuing general weakness in economic
trends regionally and globally, witnessed during 2015. The surge
in operating income was underpinned by a 6.7% rise in net
interest income to $814.7mn despite the prevalence of low
absolute interest rate levels. The bank’s total assets increased by
1.6% to reach $34bn at the end of December 31, 2015 as
compared to $33.4bn in the year-ago period. The growth in total
assets was primarily due to a 4.8% growth in the loans & advances
portfolio to reach $19.4bn. Balanced credit growth was supported
by a 2.1% growth in customer deposits to reach $23.5bn. The non-
performing loan ratio reduced to 1.8% as of December 31, 2015
with a healthy specific provision coverage ratio of 84.6%.
Meanwhile, the bank’s board of directors (BoD) has recommended
cash dividend distribution of 18% of the share nominal value (US
cents 4.5 per share) and 5% bonus share (one share for every 100
ordinary shares). These recommendations are subject to approval
by the relevant regulators. (Bahrain Bourse)
 Central Bank of Bahrain to keep currency peg – Central Bank of
Bahrain Governor Rasheed Mohammed al-Maraj said that Bahrain
is committed to the peg of its dinar currency against the US dollar.
The dinar, pegged at 0.376 to the dollar, has come under pressure
in the foreign exchange forwards market in the last several months
as low oil prices damage Bahraini state finances. He added that
Bahraini authorities will discuss with the US Treasury the problem
of international banks becoming reluctant to deal with banks in
Bahrain and the Gulf because of tight US regulations. (Reuters)
 Bahrain launches $600mn bond sale after downgrade to junk –
Bahrain has started taking orders again to raise funds through a
re-opening of its previous two-part bond sale. Bahrain's
government demonstrated on Tuesday that it still had access to
the international credit markets by launching a $600mn bond sale.
Earlier, on February 18, 2016, Bahrain's government had cancelled
a $750mn bond tap after pricing the deal, following Standard &
Poor's decision to downgrade its Kingdom's debt rating to junk
status. The Kingdom has set initial price thoughts for the re-tap,
split between five and 10-year portions at 5.95% and 7.65%,
respectively. Bahrain had priced its re-tap last week at 5.7% for
the five-year portion and 7.4% for the 10-year piece. Bahrain is
working with Bank ABC, BNP Paribas, Citigroup, HSBC and JP
Morgan which arranged its $1.5bn bond in November 2015 and
the cancelled re-tap. (Reuters)

7. 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
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns, #Market closed on February 24, 2016)
80.0
100.0
120.0
140.0
160.0
180.0
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
QSE Index S&P Pan Arab S&P GCC
0.8%
0.9%
0.4%
0.2%
(0.1%)
0.4%
0.7%
(1.0%)
0.0%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,225.60 1.4 (0.1) 15.5 MSCI World Index 1,540.70 (1.1) 0.2 (7.3)
Silver/Ounce 15.30 0.8 (0.3) 10.4 DJ Industrial 16,431.78 (1.1) 0.2 (5.7)
Crude Oil (Brent)/Barrel (FM Future) 33.27 (4.1) 0.8 (10.8) S&P 500 1,921.27 (1.2) 0.2 (6.0)
Crude Oil (WTI)/Barrel (FM Future) 31.87 1.2 7.5 (14.0) NASDAQ 100 4,503.58 (1.5) (0.0) (10.1)
Natural Gas (Henry Hub)/MMBtu 1.83 (0.7) 1.1 (20.9) STOXX 600 327.78 (1.3) (0.5) (9.1)
LPG Propane (Arab Gulf)/Ton 38.75 (1.0) 2.3 (1.0) DAX 9,416.77 (1.7) (0.7) (11.5)
LPG Butane (Arab Gulf)/Ton 53.50 (3.6) (2.7) (7.0) FTSE 100 5,962.31 (2.2) (2.1) (9.1)
Euro 1.10 (0.1) (1.0) 1.5 CAC 40 4,238.42 (1.5) (0.6) (7.3)
Yen 112.10 (0.7) (0.5) (6.8) Nikkei 16,052.05 0.4 0.8 (9.3)
GBP 1.40 (0.9) (2.7) (4.8) MSCI EM 744.76 (0.6) 0.5 (6.2)
CHF 1.01 0.8 (0.2) 1.1 SHANGHAI SE Composite 2,903.33 (0.9) 1.4 (18.5)
AUD 0.72 (0.3) 0.8 (1.2) HANG SENG 19,414.78 (0.3) 0.7 (11.6)
USD Index 97.48 0.1 0.9 (1.2) BSE SENSEX 23,410.18 (1.6) (1.3) (13.4)
RUB 76.29 1.5 (0.9) 5.2 Bovespa 42,520.94 (2.3) 4.2 (2.3)
BRL 0.25 (0.3) 1.6 0.1 RTS# 761.48 0.0 4.9 0.6
113.9
96.0
95.4