The QSE Index in Qatar declined 0.2% due to losses in the Banks & Financial Services and Consumer Goods & Services indices. Qatar Cinema & Film Distribution Co. and Qatari Investors Group were the top losers, falling 9.9% and 4.5% respectively. Meanwhile, Qatar German Co. for Medical Devices and Ahli Bank were the top gainers, rising 6.3% each. Overall trading volume on the QSE fell by 13.7% compared to the previous day.

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.2% to close at 12,445.3. Losses were led by the
Banks & Financial Services and Consumer Goods & Services indices, falling
0.6% and 0.3%, respectively. Top losers were Qatar Cinema & Film Distribution
Co. and Qatari Investors Group, falling 9.9% and 4.5%, respectively. Among the
top gainers, Qatar German Co for Med. Dev. and Ahli Bank were up 6.3% each.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.4% to close at 9,352.6. Gains were led
by the Real Estate Dev. and Hotel & Tourism indices, rising 3.6% and 2.2%,
respectively. Arabia Insurance rose 8.7%, while MEDGULF was up 7.3%.
Dubai: The DFM Index declined 1.0% to close at 3,827.2. The Real Estate &
Construction index fell 1.8%, while the Transportation index declined 1.0%.
Shuaa Capital fell 4.1%, while Arabtec was down 3.2%.
Abu Dhabi: The ADX benchmark index rose 0.1% to close at 4,689.2. The
Industrial index gained 1.7%, while the Telecommunication index was up
1.2%. Arkan Building Materials rose 6.9%, while RAK Cement was up 5.3%.
Kuwait: The KSE Index declined 0.3% to close at 6,581.8. The Basic Material
index fell 1.7%, while the Industrial index was down 1.1%. United Projects for
Aviation Serv. plunged 19.7%, while Mobile Telecom. was down 8.6%.
Oman: The MSM Index rose 0.3% to close at 6,580.4. Gains were led by the
Financial and Industrial indices, rising 0.6% and 0.2%, respectively. Global
Financial Investment gained 2.9%, while Al Jazeera Services was up 2.7%.
Bahrain: The BHB Index gained 0.1% to close at 1,476.3. The Industrial index
rose 2.9%, while the Commercial Bank index was up 0.1%. Aluminium Bahrain
gained 3.0%, while Nass Corporation was up 1.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar German Co for Medical Dev. 11.05 6.3 419.7 8.9
Ahli Bank 51.00 6.3 0.0 2.7
Zad Holding Co. 90.20 2.6 0.7 7.4
Industries Qatar 155.00 1.6 401.1 (7.7)
United Development Co. 24.27 1.5 344.9 2.9
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 17.73 (0.4) 2,691.7 7.8
Masraf Al Rayan 48.10 (0.4) 977.6 8.8
Ezdan Holding Group 16.13 (0.1) 778.7 8.1
Barwa Real Estate Co. 48.70 0.0 501.3 16.2
Qatar German Co for Medical Dev. 11.05 6.3 419.7 8.9
Market Indicators 26 Feb 15 25 Feb 15 %Chg.
Value Traded (QR mn) 454.3 438.3 3.7
Exch. Market Cap. (QR mn) 675,344.5 676,760.7 (0.2)
Volume (mn) 9.7 11.2 (13.7)
Number of Transactions 5,631 5,574 1.0
Companies Traded 43 40 7.5
Market Breadth 16:23 16:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,812.58 (0.2) (0.1) 2.7 N/A
All Share Index 3,244.90 (0.1) (0.2) 3.0 15.4
Banks 3,294.00 (0.6) 0.3 2.8 15.0
Industrials 4,047.37 0.3 0.4 0.2 13.8
Transportation 2,441.06 0.4 (0.1) 5.3 13.8
Real Estate 2,454.22 0.1 (1.8) 9.3 19.9
Insurance 4,105.50 (0.2) 0.5 3.7 17.8
Telecoms 1,424.16 0.1 1.1 (4.1) 18.8
Consumer 7,276.33 (0.3) (3.5) 5.3 28.1
Al Rayan Islamic Index 4,429.96 (0.3) 0.8 8.0 17.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Med. & Gulf Ins. Saudi Arabia 60.62 7.3 1,843.2 21.0
Jabal Omar Dev. Co. Saudi Arabia 77.46 5.8 5,787.7 47.5
Nat. Medical Care Co. Saudi Arabia 64.69 4.5 1,681.8 17.9
Co. for Coop. Ins. Saudi Arabia 81.40 4.4 850.9 63.0
United Electronics Co. Saudi Arabia 101.99 4.1 82.8 26.7
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Mobile Telecom. Co. Kuwait 0.53 (8.6) 5,602.3 0.0
Mobile Telecom. Co. Saudi Arabia 11.78 (5.4) 18,242.4 (1.3)
Mabanee Co. Kuwait 1.02 (3.8) 225.9 6.3
Nat. Mobile Telecom. Kuwait 1.58 (3.7) 64.6 12.9
Union National Bank Abu Dhabi 5.80 (3.3) 90.4 0.0
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 Cinema & Film Distrib. Co. 41.00 (9.9) 1.1 (6.8)
Qatari Investors Group 44.90 (4.5) 166.7 8.5
Al Khalij Commercial Bank 21.79 (3.8) 67.8 (1.2)
Salam International Investment Co 14.45 (2.4) 175.1 (8.8)
Qatar National Cement Co. 137.00 (2.1) 82.7 3.8
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 155.00 1.6 62,314.1 (7.7)
Qatar Electricity & Water Co. 190.50 (0.8) 50,340.4 1.6
Vodafone Qatar 17.73 (0.4) 48,046.5 7.8
Masraf Al Rayan 48.10 (0.4) 47,336.1 8.8
QNB Group 203.30 (1.3) 31,239.6 (4.5)
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*##
12,445.34 (0.2) (0.4) 4.6 1.3 124.75 185,449.6 15.4 2.0 4.0
Dubai 3,827.22 (1.0) (1.0) (1.0) 1.4 71.66 94,198.7 7.7 1.3 4.9
Abu Dhabi 4,689.20 0.1 0.1 0.1 3.5 55.38 129,524.6 12.2 1.6 3.6
Saudi Arabia 9,352.63 0.4 0.4 0.4 12.2 1,871.03 535,013.1#
18.8 2.2 2.9
Kuwait 6,581.76 (0.3) (0.3) (0.3) 0.7 85.05 101,856.7 17.0 1.1 3.8
Oman 6,580.41 0.3 0.3 0.3 3.7 15.11 24,993.1 10.5 1.4 4.3
Bahrain 1,476.31 0.1 0.1 0.1 3.5 1.04 54,365.9 9.9 0.9 4.6
Source: Bloomberg, Qatar Stock Exchange, Tadawul, MSM, DFM and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any; #Data as of Feb. 25, 2015,
##
Data as of Feb. 26, 2015)
12,440
12,460
12,480
12,500
12,520
12,540
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 8
Qatar Market Commentary
 The QSE Index declined 0.2% to close at 12,445.3. The Banks &
Fin. Ser. and Consumer Goods indices led the losses. The index
fell on the back of selling pressure from Qatari shareholders
despite buying support from non-Qatari shareholders.
 Qatar Cinema & Film Distribution Co. and Qatari Investors Group
were the top losers, falling 9.9% and 4.5%, respectively. Among
the top gainers, Qatar German Co. for Medical Devices and Ahli
Bank were up 6.3% each.
 Volume of shares traded on Thursday fell by 13.7% to 9.7mn
from 11.2mn on Wednesday. Further, as compared to the 30-day
moving average of 14.9mn, volume for the day was 35.2% lower.
Vodafone Qatar and Masraf Al Rayan were the most active
stocks, contributing 27.9% and 10.1% to the total volume
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Bank Muscat Moody’s Oman DR A1 A1 – Negative 
Oman Arab Bank
(OAC)
Moody’s Oman DR A2 A2 – Negative 
Bank Dhofar Moody’s Oman DR A3 A3 – Negative 
National Bank of
Oman Limited
(NBO)
Moody’s Oman DR A3 A3 – Negative 
HSBC Bank
Oman (HBON)
Moody’s Oman DR A3 A3 – Negative 
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, DR – Deposit Ratings)
Earnings Releases
Company Market Currency
Revenue
(mn) 4Q2014
% Change
YoY
Operating Profit
(mn) 4Q2014
% Change
YoY
Net Profit (mn)
4Q2014
% Change
YoY
Ras Al Khaimah Co. for
White Cement &
Construction Materials (RAK
White Cement)*
Abu Dhabi AED 406.8 -4.3% 23.2 -31.8% 31.8 -37.6%
Emirates
Telecommunication
Corporation (Etisalat)
Abu Dhabi AED 7,000.0 NA – – 2,100.0 44.8%
Voltamp Energy* Oman OMR 26.1 17.9% – – 2.0 2.6%
Global Financial Investments
Holding Co.*
Oman OMR 3.7 -34.6% – – 0.0 -99.1%
Nass Corporation (Nass)* Bahrain BHD 83.0 3.5% – – 4.1 -0.6%
Al Ahlia Insurance Co. (Al
Ahlia)*
Bahrain BHD 5.2 7.3% 1.2 43.4% 1.7 -32.6%
Bahrain Ship Repairing and
Engineering Co. (BASREC)*
Bahrain BHD 5.0 9.4% – – 1.4 35.1%
Bahrain Cinema Co. (BCC)* Bahrain BHD 20.0 15.4% – – 7.6 20.1%
Source: Company data, DFM, ADX, MSM (*FY2014 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
02/26 US BLS CPI MoM January -0.70% -0.60% -0.30%
02/26 US BLS CPI YoY January -0.10% -0.10% 0.80%
02/26 US BLS CPI Index NSA January 233.7 233.6 234.8
02/26 US BLS CPI Core Index SA January 239.9 239.7 239.5
02/26 US Department of Labor Initial Jobless Claims 21-February 313K 290K 282K
02/26 US Department of Labor Continuing Claims 14-February 2,401K 2,394K 2,422K
02/26 US FHFA FHFA House Price Index MoM December 0.80% 0.50% 0.70%
02/26 US FHFA House Price Purchase Index QoQ 4Q2014 1.40% – 0.90%
02/26 US BLOOMBERG Bloomberg Consumer Comfort 22-February 42.7 – 44.6
02/26 EU European Commission Industrial Confidence February -4.7 -4.5 -4.8
02/26 EU European Commission Economic Confidence February 102.1 102.0 101.4
02/26 EU European Commission Services Confidence February 4.5 5.5 4.8
Overall Activity Buy %* Sell %* Net (QR)
Qatari 51.42% 51.94% (2,363,372.67)
Non-Qatari 48.59% 48.07% 2,363,372.67

3. Page 3 of 8
02/27 France INSEE National Stat. Offi PPI MoM January -0.90% – -0.90%
02/27 France INSEE National Stat. Offi PPI YoY January -3.30% – -2.50%
02/27 France INSEE National Stat. Offi Consumer Spending MoM January 0.60% -0.30% 1.60%
02/27 France INSEE National Stat. Offi Consumer Spending YoY January 2.60% 1.80% 0.60%
02/27 Germany Federal Statistical Off Import Price Index MoM January -0.80% -1.10% -1.70%
02/27 Germany Federal Statistical Off Import Price Index YoY January -4.40% -4.60% -3.70%
02/27 Germany Federal Statistical Off CPI MoM February 0.90% 0.60% -1.10%
02/27 Germany Federal Statistical Off CPI YoY February 0.10% -0.30% -0.40%
02/26 UK ONS GDP QoQ 4Q2014 0.50% 0.50% 0.50%
02/26 UK ONS GDP YoY 4Q2014 2.70% 2.70% 2.70%
02/26 UK ONS Exports QoQ 4Q2014 3.50% 1.10% -0.80%
02/26 UK ONS Imports QoQ 4Q2014 1.30% 1.50% 1.40%
02/26 Italy ISTAT Retail Sales MoM December -0.20% -0.10% 0.10%
02/26 Italy ISTAT Retail Sales YoY December 0.10% -2.00% -2.00%
02/26 Italy ISTAT Consumer Confidence Index February 110.9 104.4 104.4
02/26 Italy ISTAT Business Confidence February 99.1 98.0 97.6
02/26 Italy ISTAT Economic Sentiment February 94.9 – 91.6
03/01 China Federation of Logistics Manufacturing PMI February 49.9 49.7 49.8
03/01 China Federation of Logistics Non-manufacturing PMI February 53.9 – 53.7
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 MERS reports QR226.6mn net profit in FY2014,
recommends 90% cash dividend – Al Meera Consumer
Goods Company (MERS) reported a net profit of QR226.6mn in
FY2014 as compared to QR196.1mn in FY2013. EPS amounted
to QR11.33 in FY2014 versus QR10.27 in FY2013. Meanwhile,
the MERS’ board has recommended distributing a cash dividend
of QR9.00 per share vs. QR8.00 per share for 2014. (QSE)
 MPHC 2015 budget statement guides to marginal decline in
sales volume this year – Mesaieed Petrochemical Holding
Company (MPHC) has projected a lower sales volume and
earnings for 2015. The company’s sales volumes are expected
to decline marginally in 2015 due to planned maintenance
shutdowns at the facilities of the group’s affiliates, RLOC and Q-
Chem II. These facilities started in 2010 are required to undergo
extensive maintenance regularly. Consequently, MPHC’s
consolidated earnings in 2015 are also expected to be impacted
by the effects of the prevailing economic conditions on the
prices of the group's key products. (Peninsula Qatar, Qatar-
Tribune)
 MCCS mulls two foreign acquisitions – Mannai Corporation’s
(MCCS) CEO Alekh Grewal said that the company is working on
two acquisitions as part of its drive to expand the proportion of
its revenue from international sources to 80%. MCCS is eyeing
majority stakes in businesses with an overall value of around
$400-600mn. He declined to identify targeted companies, but
said MCCS was looking outside the Middle East in areas
excluding real estate, construction, fast-moving consumer goods
and marine sectors. We have not considered such future
acquisitions in our model. For now, we maintain our target price
of QR128.00 and recommend an Accumulate stance on the
stock. (QNBFS Research, Reuters)
 IQCD shareholders approve 70% cash dividend – Industries
Qatar (IQCD) announced that its shareholders in the ordinary
general assembly meeting has approved board’s
recommendation to distribute QR7.00 per share dividend,
representing 70% of the nominal share value. (QSE)
 QSE suspends trading of MARK shares on March 2 – The
Qatar Stock Exchange (QSE) has announced a suspension of
trading in Masraf Al Rayan’s (MARK) shares on March 2, 2015
due to the company’s AGM and EGM being held today. (QSE)
 QIIK postpones AGM to March 15 – Qatar International
Islamic Bank (QIIK) announced that its ordinary general
assembly meeting has been postponed to March 15, 2015. The
AGM will discuss the board’s recommendation to distribute a
cash dividend of 40% (QR4.00 per share), as well as approve
the financial statements for FY2014. The meeting will also
discuss the board’s proposal for issuing additional Tier 1 Sukuk
convertible into ordinary shares up to QR3bn. In case the
required quorum is not met on March 15, a second meeting will
be held on March 25, 2015. (QSE)
 MDPS: Industrial PPI declines 10.6% MoM in December –
According to the Ministry of Development Planning & Statistics
(MDPS), the monthly Producer Price Index (PPI) of the industrial
sector for December 2014 stood at 125.4, indicating a decline of
10.6% MoM and a decrease of 28.9% on a YoY basis. The index,
which covers mining, electricity & water and manufacturing
activities, is a measure of the average selling prices for the output
of domestic producers. The mining group’s PPI (77% weight)
showed a decline of 11.0% MoM (-29.1% YoY) due to a similar
fall in the prices of crude oil and natural gas. The manufacturing
group’s PPI (21% weight) registered a fall of 10.0% MoM (-29.3%
YoY). However, the PPI of electricity & water (2% weight) showed
an increase of 0.8% MoM, but down by 4.9% on a YoY basis.
(MDPS)
 MDPS: Trade surplus declines 48.3% YoY in January 2015 –
According to the monthly trade report by the Ministry of
Development Planning & Statistics (MDPS), Qatar’s trade surplus
shrank by a sizeable 48.3% YoY in January 2015, as the value of
its exports — largely natural gas and oil — declined, while
imports continued to grow YoY. The total exports in January 2015
were valued at QR28.2bn, a decrease of 36.7% YoY (decreased
by 16.5% MoM). On the other hand, the imports of goods in
January 2015 touched QR9.7bn, an increase of 10.2% YoY
(decreased by 12.5% MoM). The export value of petroleum gases
and other gaseous hydrocarbons LNG, condensates, propane,
butane etc. declined by 37.5% YoY to QR19.4bn in January
2015. Petroleum oils & oils from bituminous minerals (crude) fell
by 58.8% YoY to QR3.0bn and petroleum oils and oils from
bituminous (not crude) dropped 38.4% YoY to QR0.9bn. Japan
was at the top of the countries of destination of Qatar’s exports in

4. Page 4 of 8
January 2015, accounting for 24.2% of the country’s total exports,
with a value of QR6.8bn. China was the leading country of origin
of Qatar’s imports with QR1.1bn, a share of 11.3% of total
imports. (Peninsula Qatar)
 New projects worth $14.7bn announced by Qatar for 2015 –
An official of the Gulf Engineering Forum said that new projects
worth $14.7bn have been announced so far in 2015 in Qatar,
which are part of the $220bn infrastructural works that are to be
executed before the FIFA World Cup in 2022. He said massive
infrastructure building activities are underway in various parts of
the Gulf and Qatar, under which Hamad International Airport’s
work alone would cost around $10.5bn. Other major projects
under execution are the Doha Metro, Express Highway projects,
New Doha Port, World Cup Stadiums and the Orbital Track Road.
(Gulf-Times.com)
 MDPS: Qatar’s population rises to 2.33mn in February –
According to the Ministry of Development Planning & Statistics
(MDPS), Qatar’s population rose to an all-time high to reach
2,334,029 in February 2015. The YoY increase in February was
10.3% vs. the population of 2,116,400 in February 2014.
(Peninsula Qatar)
 Wartsila, N-KOM sign MoU – Wartsila and Nakilat-Keppel
Offshore & Marine (N-KOM) have signed a memorandum of
understanding (MoU) for working together to improve business
opportunities in maintenance services for marine vessels and
onshore structures in Qatar. Wartsila is a major player in the
complete lifecycle power solutions for the marine and energy
markets, while N-KOM is a leading shipyard in the Middle East,
offering services solutions for the marine and oil & gas
industries. (Peninsula Qatar)
 ORDS’ B2B revenue tops $1bn in 2014, removes advance
rental charge on postpaid – Ooredoo Group (ORDS) said that
the company generated more than $1bn revenue from B2B
services in 2014, with 9M YoY growth close to 10%. ORDS will
showcase some of its achievements in 2014 at the Mobile World
Congress in Barcelona. In Iraq, Ooredoo’s affiliate Asiacell
significantly expanded its B2B sales force and won new
customers by offering new solutions such as customized closed
user groups. In Indonesia, Indosat is building dedicated
channels to meet the unique needs of business customers.
ORDS is set to launch a cloud-based machine-to-machine
(M2M) platform in 2015, which will enable the company to
reduce the time-to-market when building industry-specific
‘Internet of Things’ solutions. Meanwhile, the company has
removed all advance rental charges for postpaid services,
effective from February 28, 2015. (Gulf-Times.com)
 Bids invited for new Souq Haraj – Qatar News Agency (QNA)
reported that the bidding process for the new Souq Haraj project
(market for used household goods) will begin from March 3,
2015 and end on March 5, 2015. The project is reportedly being
built as part of an economic zone that is earmarked for logistics
and warehouses. A logistics committee at the Ministry of
Economy & Commerce has invited tenders for the project.
(Peninsula Qatar)
 Doha Metro rail line soil testing in final phase – The
geotechnical engineering works, including soil testing, of three
key lines of Doha Metro has entered the final phase. The
contract works ranging up to six months in duration, will be
completed soon. Advanced Construction Technology Services
(ACTS), which won the geotechnical works of the Red Line,
Green Line and Gold Line, has almost completed the soil testing
works. (Peninsula Qatar)
International
 US economy slowed in 4Q2014, but growth still on track;
consumer sentiment drops in February – Economic growth in
the US slowed down more sharply than initially thought in
4Q2014 amid a moderate increase in business inventories and a
wider trade deficit, however, strong domestic demand
brightened the outlook. The US Commerce Department said
GDP expanded at 2.2% annually, revised down from the 2.6%
pace estimated in January. Earlier, the economy grew at a 5%
rate in 3Q2014. Growth is poised to pick up in 1Q2015 now that
the threat of an inventory overhang has diminished. However,
an exceptionally cold February and reductions in oil & gas
drilling could limit the pace of expansion. Meanwhile, consumer
sentiment in the US fell from an 11-year high in February,
weighed down by an unusually severe winter. The University of
Michigan's final February reading on the overall index on
consumer sentiment stood at 95.4, sliding from January's 98.1,
which was the highest since January 2004. February's number,
however, was higher than the initial estimate of 93.6, and was
stronger than the market forecast of 94.0. (Reuters)
 German consumer morale hits a 13-year high;
unemployment hits lowest level – The consumer sentiment in
Germany jumped to its highest level in more than 13 years
heading into March 2015, as low oil prices benefited
households, freeing up cash for them to spend on other things.
GfK Market Research Group said its consumer sentiment
indicator rose to 9.7 points from 9.3 on a MoM basis. That was
the highest reading since October 2001 and topped the Reuters
forecast of 9.5 points. GfK said consumers were brushing off
ongoing tensions over Ukraine crisis and issues with Greece
over its bailout program. Meanwhile, unemployment in Germany
fell to its lowest level in more than two decades in February,
boosting expectations that private consumption will help drive
growth in Europe's largest economy in 2015. Data from the
Labour Office showed the number of people out of work in
Germany decreased by 20,000 on a seasonally-adjusted basis
to 2.81mn – the lowest since December 1991. The jobless rate
stayed at a record low of 6.5% for a third straight month in
February and remains the lowest since the German reunification
in 1990. (Reuters)
 Greece runs out of funding options despite reprieve;
economy shrinks in 4Q2014 – Greece is running out of options
to fund itself despite a four-month bailout extension, raising
pressure on Athens to quickly implement reforms it has vocally
opposed or default on debt repayments in a matter of weeks.
Creditors from the Eurozone and IMF gave Greece time until
June to complete the bailout program and receive the remaining
€7.2bn. Shut out from debt markets and faced with a steep fall in
tax revenues, Athens is expected to run out of cash by the end
of March. Its finance minister has warned that Greece will
struggle to repay creditors starting with a €1.5bn IMF loan
repayment due in March. Athens has been looking for quick
fixes to tide it through the coming weeks. It is expected to get a
green light early next week for cheap aid and funding support
from the European Bank for Reconstruction & Development that
could add up to more than a billion euros. Meanwhile, a revised
estimate by the ELSTAT statistics service showed the Greek
economy contracted more than estimated in 4Q2014. The GDP
estimate based on seasonally-adjusted data showed the
economy shrank 0.4% in 4Q2014. This was worse than a flash
estimate of a 0.2% drop made earlier in February, and growth of
0.7% in 3Q2014. ELSTAT said the economy grew 1.2% YoY in
4Q2014 based on unadjusted data, down from a flash estimate
of 1.5% and from 2.0% in 3Q2014. (Reuters)

5. Page 5 of 8
 China official PMI shrinks in February; cuts rates again in
face of weak demand – An official survey showed activity in the
Chinese factory sector contracted for a second month in
February due to unsteady exports and slowing investment. The
official Purchasing Managers' Index (PMI) inched up to 49.9 in
February from January's 49.8, on a monthly basis. Reuters had
forecast a weaker reading of 49.7. However, the official services
PMI showed growth in the sector accelerated to 53.9, up from
53.7 in January. Accounting for 48% of China's $10.2tn
economy in 2014, the services sector has weathered the growth
downturn better than factories, partly because it depends less
on foreign demand. Meanwhile, China's central bank cut its
benchmark rates, days before the annual meeting of the
country's parliament in its latest effort to support the economy as
its momentum slows and deflation risks rise. The central bank
said the 25 basis point cut in the interest rate to 5.35% – its
second cut in three months – and a 25 basis point cut in the
saving rate to 2.5% would be effective March 1, 2015. (Reuters)
 India’s FY2016 budget woos foreign investors with tax
incentives – The Indian government, keen to rekindle its
economic growth, wooed foreign investors with a budget that
delayed controversial rules to target tax avoidance and
maintained lower taxes on income from debt investments. These
measures, part of the government's budget for FY2015-16,
come amid growing concerns about foreign investors pulling
cash out of India if the US Federal Reserve starts raising
interest rates in 2015. Among headline measures, India deferred
the controversial General Anti Avoidance Rule (GAAR) by two
years. Initially set to be come into effect in 2015, the change
tightens rules for foreign investors who are registered in
countries with double taxation exemption agreements with India.
India also extended a concessionary rate of 5% for so-called
withholding taxes on debt investments by foreign investors by
two years, until July 1, 2017. Earlier in 2013, India had cut the
tax on income from debt investments to 5% from 20%. (Reuters)
Regional
 Fitch gives Saudi Arabia AA rating – Fitch has reissued an
AA grade with a stable outlook to Saudi Arabia, driven by
curtailed government spending and an anticipated recovery of
oil prices to $70 a barrel in 2015 and $80 a barrel in 2016, along
with the country’s ability to remain unaffected by regional
conflicts, stability at home and labor and housing market
reforms. The country has been at AA since it was upgraded from
AA- in March 2014. Saudi Arabia’s net creditor position is still
projected to be the fourth-largest of all Fitch-rated sovereigns.
According to Fitch, less overspending, lower capital spending
and higher oil prices will lower the deficit to a forecast 3.7% of
GDP in 2016 after touching double digits in 2015.
(GulfBase.com)
 ACWA Power secures $344mn loan for Dubai solar project –
Saudi-based ACWA Power is obtaining a loan of about $344mn
from three banks to finance a solar energy project in Dubai. The
27-year amortizing loan with an interest rate of 4% is being
provided by First Gulf Bank, National Commercial Bank and
Samba Financial Group. ACWA’s CEO, Paddy Padmanathan
said that the entire project would cost about $400mn, of which
the bank financing would account for 86%. The solar plant, to be
built by a consortium of ACWA and Spain's TSK, was ordered
by Dubai Electricity and Water Authority (DEWA) and will have a
capacity of 200 megawatts. (Reuters)
 SNC-Lavalin wins 2 district cooling contracts in Saudi –
SNC-Lavalin, the Canadian construction company, has
announced that it has won contracts to build two district cooling
plants in Saudi Arabia worth a combined value of around
$71mn. The company was awarded an engineering,
procurement & construction (EPC) contract worth $30.6mn from
Saudi Dhahran Cooling Company, which is a subsidiary of Saudi
Tabreed, to expand the existing Aramco District Cooling Plant in
Dhahran. It will add an extra 5,000 refrigeration tons (RT), taking
the plant's capacity to 32,000 RT. The second contract is for
Central District Cooling Company, also a subsidiary of Saudi
Tabreed. This too is an EPC deal for the expansion of the Jabal
Omar Development Company district cooling scheme in
Makkah. This will add a further 10,000 RT cooling capacity,
bringing total capacity to 35,000 RT at a cost of $40.2mn.
(GulfBase.com)
 SEWA raises $500mn loan for expansion – Sharjah Electricity
& Water Authority (SEWA) has raised a $500mn syndicated
Islamic loan which will be used to fund its infrastructure and
expansion plans in the Emirate. The new five-year facility was
structured and arranged by Kuwait Finance House (KFH) and
GIB Capital. KFH and GIB were joined by Gulf International
Bank, ABC Islamic Bank, Sharjah Islamic Bank and Barwa Bank
as mandated lead arrangers. The transaction is guaranteed by
the Government of Sharjah. (Reuters)
 GFH denies BLS acquisition plans – Gulf Finance House
(GFH), clarifying recent news published in Bahrain’s
newspapers, said that it has not issued any offer to acquire the
Bahrain Life Stock Company (BLS). (DFM)
 GNH invites shareholders for EGM – Gulf Navigation Holding
(GNH) has invited its shareholders to attend the extraordinary
general assembly meeting (EGM) scheduled on March 19, 2015
to consider and approve board of directors’ (BoD) proposal to
extinguish the accumulated losses to the extent of the legal
reserve as at December 31, 2014 amounting AED32.55mn as
well as to convert, if laws applicable in the UAE allow, the
current lender loans into shares of the company either directly
by issuing shares equivalent to the amount of such loans or
indirectly by way of issuing convertible bonds. The shareholders
will also consider approving BoD’s proposal to allow conversion
of bonds into shares at a price less than the nominal value of the
shares in case the share market price at the time of conversion
is less than the share nominal value. (DFM)
 Tanmiyat Global inks partnership with Amlak Finance –
Tanmiyat Global has announced an agreement with Amlak
Finance to provide mortgage services for its Living Legends
development. Amlak Finance will offer up to 50% of the
mortgage before handover with the option to re-finance up to
75% upon completion, in line with the UAE central bank
regulations. (GulfBase.com)
 Majid Al Futtaim to invest $2.35bn in Egypt – Majid Al
Futtaim is expanding its investments in Egypt, pumping $2.35bn
in the market as part of an ongoing five-year plan. The
investment plan includes new developments as well as
expansion of the existing projects, and is expected to create an
additional 144,000 direct and indirect job opportunities.
(GulfBase.com)
 Nshama to unveil 750-acre Town Square in Dubai – Nshama,
a private developer of lifestyle communities, will unveil the Town
Square development spread over 750 acres in Dubai. The urban
metropolis, which will be launched soon, features an outdoor
lifestyle that promotes the wellness of residents in a vibrant,
unique and trendy development with all amenities in walking
distance. (GulfBase.com)
 RAK White Cement BoD proposes 5% cash dividend – Ras
Al Khaimah Co. for White Cement & Construction Materials’
(RAK White Cement) board of directors has proposed cash

6. Page 6 of 8
dividend of 5% of the company’s capital for the year ended
December 31, 2014. (ADX)
 RAKCC general assembly approves 5% cash dividend – Ras
Al Khaimah Cement Company’s (RAKCC) general assembly
meeting has approved board’s proposal to distribute 5% cash
dividend for the year ended December 31, 2014. (ADX)
 EIC seeks shareholders’ nod for 60% cash dividend –
Emirates Insurance Company (EIC) has invited its shareholders
to consider and approve the board’s proposal to distribute 60%
cash dividend of the share capital i.e., 60 fils per share for the
year ended December 31, 2014. (ADX)
 FGB AGM approves cash, stock dividends – First Gulf Bank’s
(FGB) annual general assembly meeting (AGM) has approved
distribution of cash dividend representing 100% of capital, as
well as bonus shares equivalent to 15.38% of capital. (ADX)
 Etisalat proposes AED0.35 per share cash dividend for
2H2014 – Emirates Telecommunication Corporation (Etisalat)
has proposed to pay AED0.35 per share cash dividend for
2H2014. The company would pay AED0.70 per share dividend
and 10% bonus shares for the whole of 2014. (GulfBase.com)
 Senaat considers IPO for unit – General Holding Corporation
(Senaat) has shelved plans to go public but instead is
considering options to sell shares in one of its subsidiaries.
Senaat’s Chairman, Hussain al Nowais said that the company
will do an IPO of a subsidiary in 2015, and is planning to invest
AED5bn in the industry over the next two years as Abu Dhabi
diversifies its economy away from oil. He said, the company will
focus on basic downstream industries whose products can be
used locally, such as pipe manufacturing. (Reuters)
 Gulf Capital mulls 4-6 acquisitions in 2015 – Gulf Capital’s
CEO, Karim El Solh said that the firm may complete between
four and six acquisitions in 2015, as consumer-driven sectors in
the Gulf's economy are expected to grow despite lower oil
prices. He said the private equity house is considering
investments in healthcare, retail, food and education. Solh also
said there were potential deals at lower valuations in the energy
sector, while infrastructure and logistics were interesting sectors.
(Reuters)
 Eagle Hills to invest $80bn in Egypt – According to sources,
Abu Dhabi-based Eagle Hills is planning to build a new city near
Cairo, Egypt with a large number of homes for low- and middle-
income buyers. Egypt's Minister of Investment, Ashraf Salman
said that the project will be privately funded by an investor
developer and possible international partners and will cost
$75bn to $80bn over 12 years. The new city will include an
airport, hotels, a mall as well as amenities such as hospitals and
schools. (GulfBase.com)
 AMC seeks shareholders’ nod for 35% cash dividend – Al
Maha Ceramics (AMC) has invited its shareholders to consider
and approve board of directors’ proposal to distribute cash
dividends at the rate of 35% of the share capital (35 baizas for
each share) and 5% bonus shares (5 shares per 100 shares) for
the financial year ended December 31, 2014. (MSM)
 GIS BoD recommends 6% cash dividend – Gulf Investment
Services Holding Company’s (GIS) board of directors has
recommended distribution of cash dividend equivalent to 6% of
the paid up capital (6 baizas per share) for the year 2014. This
proposal is subject to approval of the shareholders in the AGM
which shall be held on March 31, 2015. (MSM)
 GSC seeks shareholders’ nod for 10% cash dividend – Gulf
Stone Company (GSC) has invited its shareholders to consider
and approve board of directors’ proposal to distribute cash
dividends of 10% of the capital (10 baizas for each share) for the
financial year ended December 31, 2014. (MSM)
 Dhofar Beverages BoD proposes 10% of cash dividend –
Dhofar Beverages & Foodstuff Company’s board of directors
has recommended the distribution of 10% cash dividend (10
baizas per share). (MSM)
 Renaissance Services BoD recommends 10% cash dividend
– Renaissance Services’ board of directors has recommended
the distribution of 10% cash dividend, subject to the approval of
the shareholder at the annual general meeting (AGM). (MSM)
 Voltamp Energy BoD recommends 25% cash dividend –
Voltamp Energy’s board of directors has recommended the
distribution of 25% cash dividend, subject to the approval of the
shareholder at the annual general meeting (AGM). (MSM)
 Raysut Cement BoD recommends 75% cash dividend –
Raysut Cement’s board of directors has recommended the
distribution of 75% cash dividend of the paid up capital for the
financial year ended December 31, 2014. This recommendation
is subject to the approval of the shareholder at the annual
general meeting (AGM). (MSM)
 Al Sharqia BoD recommends cash, stock dividend – Al
Sharqia Investment Holding’s board of directors has
recommended the distribution of 5% cash and 4.022% stock
dividend. This recommendation is subject to the approval of
shareholders at the general meeting, scheduled for March 29,
2015. (MSM)
 Bank Dhofar EGM approves AT1 issue – Bank Dhofar’s
extraordinary general meeting (EGM) has approved the issue of
additional Tier 1 Capital Securities (AT1) in the form of perpetual
Tier 1 Securities to raise up to $300mn or equivalent in Omani
Rial outside Oman, subject to regulatory approvals. Further, the
EGM approved the increase of the bank’s regulatory capital by
issue of convertible bonds to raise up to OMR100mn, if
regulatory approvals are not obtained for the proposed AT1
issue or if it becomes apparent that the bank will not be able to
finalize the AT1 issue by March 31, 2015. Meanwhile, the EGM
approved the establishment of the program of Euro Medium
Term Note (EMTN) in the next twelve months to issue non-
capital instruments up to $500mn with a likely term of up to five
years and with a coupon to be determined at the time of issue
based on market conditions which will be listed outside Oman
within the next four years, subject to regulatory approvals.
(MSM)
 Galfar wins $10mn Khazzan project contract – Galfar
Engineering & Contracting has been awarded a $10.05mn
contract for Oman Khazzan 132kV power supply procurement &
construction for Khazzan Project by BP Exploration (Epsilon)
Limited. (MSM)
 National Gas BoD recommends cash dividend, bonus
shares – National Gas Company’s board of directors has
recommended the distribution of a 12.5% cash dividend and
issue of bonus shares in the ratio of 9.74 shares for every 100
shares held so as to increase the paid up share capital of the
company to OMR5mn. This is subject to the approval of the
shareholders at the general meeting to be held on March 25,
2015. (MSM)
 Taageer Finance BoD recommends 15% cash dividend –
Taageer Finance’s board of directors has recommended 15%
cash dividend for 2014. (MSM)
 Oman Chlorine BoD recommends cash, stock dividend –
Oman Chlorine’s board of directors has proposed to distribute
cash dividend of 10% for 2014 in addition to 5% stock dividends.

7. Page 7 of 8
This proposal is subject to approval in the annual general
meeting to be held on March 26, 2015. (MSM)
 Al Jazeera seeks shareholders’ nod for 22% cash dividend
– Al Jazeera Steel Products Company has invited its
shareholders to consider and approve the proposed cash
dividend at the rate of 22% of the share capital i.e., 22 baizas
per share. (MSM)
 SMN Power recommends 22% cash dividend – SMN Power
Holding’s board of directors has recommended the distribution
of 22% cash dividend (22 baizas per share) from the
consolidated audited accounts of the company for the year
ended December 31, 2014. Shareholders, who are registered in
the company’s register with Muscat Clearing & Depository
Company as on May 1, 2015, will be eligible for dividends.
(MSM)
 NCSI: Fixed phones subscribers in Oman cross 375,000 –
According to a report by National Centre for Statistics &
Information (NCSI), subscribers of fixed phone service in Oman
crossed 375,000 in 2014. GSM lines touched more than 6mn,
while the number of subscribers in broadband internet rose to
reach more than 2.8mn. NCSI statistics pointed subscribers of
pre-paid fixed phone service stood at 33,066 against 25,829 at
the end of 2013, a rise by 2.8%. The billed fixed phone lines
stood at 287,995 in 2014, compared to 271,400 in 2013. The
statistics also pointed out that the total subscribers of internet at
the end of 2014 stood at 180,144 compared to 158,678
subscribers at the end of 2013. The number of active
subscribers of mobile broadband stood at 2,893,561 at the end
of 2014, reflecting an increase of 18.4%. (GulfBase.com)
 Moody's maintains Oman rating at A+ – Moody's credit rating
maintained Oman’s rating at A+, an advanced level equal to the
rating earned by some advanced European countries with stable
outlook. The rating reflects the sound financial position for
Oman’s government and forecasts of continuous economic
growth. Moody's said that the rating took into consideration the
efforts made by the government to diversify sources of national
economy through the various economic activities and reduce
reliance on oil & gas revenues. (GulfBase.com)
 Oman to issue first sovereign Islamic bonds by mid-2015 –
Central Bank of Oman’s (CBO) Executive President, Hamood
Sangour al-Zadjali said that Oman is planning to make its first
sovereign issue of Islamic bonds, an OMR200mn issue by mid-
2015 to help finance a budget deficit caused by the plunge of oil
prices. The issue would boost Oman's fledgling Islamic banking
industry, giving it a pricing benchmark and a liquidity
management tool. (Reuters)
 UGB reports $18.8mn net profit in FY2014, BoD
recommends no dividend – United Gulf Bank (UGB) reported
a net profit of $18.8mn in FY2014 as compared to $2.6mn in
FY2013. Net profit attributable to shareholders of the parent in
4Q2014 stood at $3.1mn as compared to $0.4mn in 4Q2013.
Basic earnings per share amounted to 2.31 cents in FY2014 as
compared to 0.32 cents in FY2013. The bank’s total assets
stood at $2.78bn in FY2014 as compared to $1.26bn in FY2013.
Customer deposits stood at $548.42mn. UGB’s board of
directors will not be recommending any dividends for FY2014.
(Bahrain Bourse)
 Alba AGM approves cash dividend for 2014 – Aluminium
Bahrain’s (Alba) annual general meeting (AGM) has approved
distribution of cash dividend related to FY2014. The total
dividends for FY2014 amounted to BHD38.2mn, equivalent to
27% of the nominal value of the company’s shares i.e., 27 fils
per share, of which 12 fils (interim dividend) has already been
distributed to the shareholders in September 2014. The final
dividend for FY2014 of BHD21mn will be payable from March
24, 2015 to Alba's shareholders of record as of March 1, 2015.
(Bahrain Bourse)
 ABC reports $256mn net profit in FY2014, recommends 5%
cash dividend – Arab Banking Corporation’s (ABC)
consolidated group net profit for the year ended 2014 was
$256mn, reflecting an increase of 7% YoY. ABC reported a net
profit $59mn for 4Q2014 as compared to $61mn in 4Q2013.
Total operating income rose to $888mn in FY2014 from $857mn
in FY2013. ABC Group’s total assets registered a growth of 11%
during 2014 to stand at $29.4bn as of December 2014. Cost to
income ratio improved to 49.4% in FY2014 from 51.3% in
FY2013. EPS amounted to $0.08 in FY2014 as compared to
$0.08 in FY2013. Meanwhile, the bank’s BoD recommended
cash dividend distribution of 5% of the issued share capital i.e.,
$0.05 per share, amounting to $155.5mn. The ratio of NPLs
(nonperforming loans) to gross loans declined to 2.4% from
3.0% at 2013 year-end. (Bahrain Bourse)
 Bahrain Cinema BoD approves 50% cash dividend – Bahrain
Cinema Company’s board of directors has recommended a cash
dividend of 50% of the fully paid up capital. This proposal is
subject to approval by the relevant regulators. (Bahrain Bourse)
 Zain Bahrain AGM approves 5% cash dividend – Zain
Bahrain’s annual general meeting (AGM) has approved the
proposed agenda including the distribution of cash dividend of
5% at par equaling 5 fils per share. (Bahrain Bourse)
 Nass BoD proposes 15 fils per share cash dividend – Nass
Corporation’s board of directors has proposed a cash dividend
of 15 fils per share. This proposal is subject to approval by the
relevant regulators. (Bahrain Bourse)
 Al Ahlia proposes 40% cash dividend – Al Ahlia Insurance
Company’s (Al Ahlia) board of directors has proposed a cash
dividend of 40% of its Paid-up Capital, i.e. 40 fils per share. This
proposal is subject to approval by the relevant regulators.
(Bahrain Bourse)
 BFM BoD recommends 20% cash dividend – Bahrain Flour
Mills Company’s (BFM) board of directors has recommended
the distribution of 20% cash dividend of its fully paid up capital,
i.e. 20 fils per share. This proposal is subject to approval by the
relevant regulators. (Bahrain Bourse)
 BASREC BoD recommends 50% cash dividend – Bahrain
Shipping Repairing & Engineering Company (BASREC) board of
directors has recommended the distribution of 50% cash
dividend of its fully paid up capital, i.e. 50 fils per share. This
proposal is subject to approval by the relevant regulators.
(Bahrain Bourse)

8. 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
Badar Husain Sahbi Kasraoui Ahmed Al-Khoudary
Head of Trading Manager – HNWI Head of Sales Trading – Institutional
Tel: (+974) 4476 6547 Tel: (+974) 4476 6544 Tel: (+974) 4476 6548
badar.husain@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of
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Page 8 of 8
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (*Data as of February 26, 2015)
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
0.4%
(0.2%) (0.3%)
0.1%
0.3%
0.1%
(1.0%)
(1.4%)
(0.7%)
0.0%
0.7%
SaudiArabia
Qatar*
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,213.22 0.3 0.9 2.4 MSCI World Index 1,772.86 (0.1) 0.3 3.7
Silver/Ounce 16.60 0.2 2.2 5.7 DJ Industrial 18,132.70 (0.4) (0.0) 1.7
Crude Oil (Brent)/Barrel (FM
Future)
62.58 4.2 3.9 9.2 S&P 500 2,104.50 (0.3) (0.3) 2.2
Crude Oil (WTI)/Barrel (FM
Future)
49.76 3.3 (1.2) (6.6) NASDAQ 100 4,963.53 (0.5) 0.2 4.8
Natural Gas (Henry
Hub)/MMBtu
2.75 (11.5) (7.9) (8.0) STOXX 600 392.21 0.4 0.8 5.9
LPG Propane (Arab Gulf)/Ton 62.25 3.8 5.1 27.0 DAX 11,401.66 0.7 1.4 7.1
LPG Butane (Arab Gulf)/Ton 74.75 3.1 5.3 14.1 FTSE 100 6,946.66 0.2 0.7 4.8
Euro 1.12 (0.0) (1.6) (7.5) CAC 40 4,951.48 0.8 0.7 7.2
Yen 119.63 0.2 0.5 (0.1) Nikkei 18,797.94 (0.2) 1.7 7.5
GBP 1.54 0.2 0.3 (0.9) MSCI EM 990.28 (0.4) 0.6 3.6
CHF 1.05 (0.1) (1.6) 4.2 SHANGHAI SE Composite 3,310.30 0.2 1.7 1.3
AUD 0.78 0.1 (0.4) (4.5) HANG SENG 24,823.29 (0.3) 0.0 5.1
USD Index 95.29 0.0 1.1 5.6 BSE SENSEX 29,361.50 1.8 0.9 9.4
RUB 61.75 0.9 (0.5) 1.7 Bovespa 51,583.09 0.5 1.5 (4.3)
BRL 0.35 1.8 0.4 (7.2) RTS 896.63 (1.7) (1.5) 13.4
178.8
141.1
128.6