The QSE Index in Qatar declined 0.6% due to losses in the real estate and insurance indices. Qatar National Cement and Ezdan Holding Group were the top losers. Indices in other Gulf markets were mixed, with Saudi Arabia and Oman rising marginally while Kuwait and Bahrain fell. Earnings results were reported from companies in various Gulf markets. Global economic data showed the US retail sales declined more than expected in January while Eurozone GDP growth met forecasts.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.6% to close at 12,607.6. Losses were led by the
Real Estate and Insurance indices, falling 2.2% and 1.4%, respectively. Top
losers were Qatar National Cement Co. and Ezdan Holding Group, falling 5.4%
and 4.4%, respectively. Among the top gainers, Barwa Real Estate Co. rose
1.7%, while Qatar German Co for Medical Devices was up 1.4%.
GCC Commentary
Saudi Arabia: The TASI Index rose 1.4% to close at 9,257.5. Gains were led
by the Real Estate Development and Multi-Inv. indices, rising 5.3% and 2.4%,
respectively. AXA-Cooperative and Buruj Cooperative Ins. were up 9.8% each.
Dubai: The DFM Index declined 0.1% to close at 3,903.4. The Consumer
Staples index fell 1.6%, while the Transportation index was down 1.2%.
Ekttitab Holding declined 4.9%, while Aramex was down 2.7%.
Abu Dhabi: The ADX benchmark index rose marginally to close at 4,626.9.
The Telecom. index gained 0.9%, while the Real Estate index was up 0.7%.
Arkan Building Materials gained 3.0%, while Methaq Takaful Ins. was up 2.7%.
Kuwait: The KSE Index fell 0.1% to close at 6,695.9. The Insurance index
declined 2.3%, while the Oil & Gas index fell 0.8%. Investors Holding Group
declined 8.6%, while Future Kid Entertainement and Real Est. was down 8.3%.
Oman: The MSM Index rose marginally to close at 6,657.9. The Services
index gained 0.6%, while the other indices ended in red. Renaissance
Services rose 4.8%, while Al Jazeera Services was up 4.2%.
Bahrain: The BHB Index fell marginally to close at 1,447.5. The Services
index declined 0.2%, while the Commercial Bank index fell marginally. Al
Salam Bank - Bahrain declined 3.5%, while BMMI was down 1.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 48.35 1.7 1,263.2 15.4
Qatar German Co for Medical Dev. 11.20 1.4 81.1 10.3
Ooredoo 116.00 0.9 32.5 (6.4)
Mannai Corp. 106.90 0.7 8.2 (1.9)
National Leasing 22.14 0.6 345.4 10.7
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 18.45 (1.4) 6,097.3 12.2
Ezdan Holding Group 17.12 (4.4) 3,950.2 14.7
Barwa Real Estate Co. 48.35 1.7 1,263.2 15.4
Qatar Gas Transport Co. 25.05 (0.6) 810.2 8.4
Salam International Investment Co. 15.20 (1.6) 518.2 (4.1)
Market Indicators 12 Feb 15 11 Feb 15 %Chg.
Value Traded (QR mn) 552.1 985.8 (44.0)
Exch. Market Cap. (QR mn) 681,775.4 685,873.4 (0.6)
Volume (mn) 17.3 33.4 (48.1)
Number of Transactions 6,683 9,957 (32.9)
Companies Traded 42 41 2.4
Market Breadth 9:30 19:20 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,923.59 (0.6) 0.7 3.3 N/A
All Share Index 3,257.70 (0.7) 0.7 3.4 15.5
Banks 3,278.95 (0.3) 0.6 2.3 14.9
Industrials 4,028.51 (0.7) (0.7) (0.3) 13.8
Transportation 2,481.04 (0.3) 1.9 7.0 14.5
Real Estate 2,546.44 (2.2) 1.4 13.5 22.3
Insurance 3,960.86 (1.4) 2.5 0.1 16.3
Telecoms 1,452.71 0.3 2.7 (2.2) 19.2
Consumer 7,422.47 (0.4) 0.7 7.5 28.8
Al Rayan Islamic Index 4,408.60 (0.7) 0.4 7.5 17.9
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Jabal Omar Dev. Co. Saudi Arabia 64.41 9.1 6,217.4 22.7
Med. & Gulf Ins. Saudi Arabia 62.86 5.6 1,494.7 25.5
Co for Coop.Ins. Saudi Arabia 79.33 5.4 1,581.8 58.9
Kingdom Holding Co Saudi Arabia 20.99 4.7 2,286.0 16.0
Saudi Public Transport Saudi Arabia 28.07 4.6 5,636.2 17.0
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Qatar National Cem. Co. Qatar 136.00 (5.4) 59.2 3.0
Ezdan Holding Group Qatar 17.12 (4.4) 3,950.2 14.7
Dana Gas Abu Dhabi 0.47 (4.1) 10,381.5 (6.0)
Union National Bank Abu Dhabi 5.65 (3.4) 734.6 (2.6)
Etihad Atheeb Telecom. Saudi Arabia 7.46 (3.2) 3,230.8 10.7
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 National Cement Co. 136.00 (5.4) 59.2 3.0
Ezdan Holding Group 17.12 (4.4) 3,950.2 14.7
Qatar General Ins. and Reins. Co. 60.00 (2.4) 17.0 1.7
Doha Insurance Co. 27.00 (2.0) 6.6 (6.9)
Qatar Islamic Insurance Co. 85.00 (2.0) 78.2 7.6
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Vodafone Qatar 18.45 (1.4) 114,470.4 12.2
Ezdan Holding Group 17.12 (4.4) 68,144.3 14.7
Barwa Real Estate Co. 48.35 1.7 60,830.1 15.4
Qatar International Islamic Bank 87.00 (0.2) 32,520.0 6.5
Commercial Bank of Qatar 70.30 0.1 28,896.2 2.6
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* 12,607.60 (0.6) 0.7 5.9 2.6 151.62 187,215.5 15.7 2.0 3.8
Dubai 3,903.38 (0.1) 0.4 6.2 3.4 80.13 95,329.5 13.0 1.4 5.0
Abu Dhabi 4,626.92 0.0 0.4 3.8 2.2 55.38 128,173.4 12.2 1.5 3.7
Saudi Arabia 9,257.49 1.4 0.8 4.3 11.1 2,270.38 536,636.7 18.4 2.2 2.9
Kuwait 6,695.89 (0.1) (0.1) 1.9 2.5 50.80 101,437.1 16.8 1.1 3.8
Oman 6,657.85 0.0 (0.4) 1.5 5.0 17.93 25,136.7 9.6 1.5 4.3
Bahrain 1,447.47 (0.0) 0.8 1.6 1.5 0.82 53,921.9 10.0 0.9 4.7
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,550
12,600
12,650
12,700
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index declined 0.6% to close at 12,607.6. The Real
Estate and Insurance indices led the losses. The index fell on the
back of selling pressure from non-Qatari shareholders despite
buying support from Qatari shareholders.
 Qatar National Cement Co. and Ezdan Holding Group were the
top losers, falling 5.4% and 4.4%, respectively. Among the top
gainers, Barwa Real Estate Co. rose 1.7%, while Qatar German
Co for Medical Devices was up 1.4%.
 Volume of shares traded on Thursday fell by 48.1% to 17.3mn
from 33.4mn on Wednesday. Further, as compared to the 30-day
moving average of 14.9mn, volume for the day was 16.6% lower.
Vodafone Qatar and Ezdan Holding Group were the most active
stocks, contributing 35.2% and 22.8% 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
Saudi Electricity Co.
(SEC)
S&P
Saudi
Arabia
LT CCR AA- AA- – Negative 
Oman
Telecommunications
Co. (Omantel)
S&P Oman LT CCR BBB+ BBB  Stable –
Oman Power and
Water Procurement
Co. (OPWP)
S&P Oman LT CCR A A-  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, CCR – Corporate Credit Rating)
Earnings Releases
Company Market Currency
Revenue
(mn) 4Q2014
% Change
YoY
Operating Profit
(mn) 4Q2014
% Change
YoY
Net Profit (mn)
4Q2014
% Change
YoY
Buruj Cooperative Insurance
Co. (BCIC)*
Saudi Arabia SR 325.1 63.6% – – 2.0 -35.3%
Yanbu National
Petrochemical Co.
(YANSAB)*
Saudi Arabia SR – – 2,842.8 -5.0% 2,477.8 -6.3%
Shuaa Capital* Dubai AED 213.0 7.6% – – 25.8 821.4%
Dubai Parks & Resorts
(DPR)*
Dubai AED 0.0 NA – – -21.0 NA
National Cement Co. (NCC)* Dubai AED 228.3 -6.1% – – 103.8 2.3%
Alliance Takaful Emarat-
Insurance*
Dubai AED 98.2 28.6% – – 8.0 NA
Al Dhafra Insurance Co.* Abu Dhabi AED 346.7 14.4% 50.5 -16.6% 42.4 -13.2%
Union Cement Co. (UCC)* Abu Dhabi AED 548.3 3.8% 71.3 63.9% 84.8 66.8%
Abu Dhabi National Hotels
(ADNH)*
Abu Dhabi AED 1,340.2 8.4% 146.4 19.8% 200.5 -6.8%
Aldar Properties Abu Dhabi AED 1,370.0 3.0% – – 696.3 61.0%
Finance House Co. (FH)* Abu Dhabi AED – – – – 73.3 -12.4%
Al Shurooq Investment
Services Holding Co.
(SISCO)*
Oman OMR 0.3 -27.6% – – -0.2 NA
Renaissance Services* Oman OMR 0.3 5.3% – – 0.0 35.4%
Salalah Port Services Co.
(SPS)
Oman OMR 53.5 -8.5% – – 5.2 -7.6%
Oman National Investment
Corporation Holding (ONIC)*
Oman OMR 17.5 5.9% – – 10.0 -2.5%
Muscat Gases Co. (MGC)* Oman OMR 9.8 0.0% – – 1.4 -5.5%
National Hotels Co. (NHC)* Bahrain BHD 8.7 3.3% 4.0 2.8% 3.1 20.4%
Delmon Poultry Co.
(DEPCO)*
Bahrain BHD 12.5 -14.1% 0.0 -84.5% 0.8 0.9%
United Paper Industries
(UPI)
Bahrain BHD 3.3 25.1% – – 0.2 141.5%
Inovest* Bahrain USD 13.3 10.4% – – -3.8 -22.2%
Arab Insurance Group
(ARIG)*
Bahrain USD – – – – 15.6 -16.1%
Source: Company data, DFM, ADX, MSM (* FY2014 results)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 68.85% 63.95% 27,068,733.70
Non-Qatari 31.16% 36.06% (27,068,733.70)

3. Page 3 of 7
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
02/12 US US Treasury Monthly Budget Statement January -$17.5B -$19.0B $1.9B
02/12 US Census Bureau Retail Sales Advance MoM January -0.80% -0.40% -0.90%
02/13 US Bureau of Labor Stat. Import Price Index MoM January -2.80% -3.20% -1.90%
02/13 US Bureau of Labor Stat. Import Price Index YoY January -8.00% -8.90% -5.00%
02/13 US University of Michigan U. of Mich. 1 Yr Inflation February 2.80% – 2.50%
02/13 US University of Michigan U. of Mich. 5-10 Yr Inflation February 2.70% – 2.80%
02/13 EU Eurostat GDP SA QoQ 4Q2014 0.30% 0.20% 0.20%
02/13 EU Eurostat GDP SA YoY 4Q2014 0.90% 0.80% 0.80%
02/13 France INSEE GDP YoY 4Q2014 0.20% 0.30% 0.40%
02/13 France INSEE GDP QoQ 4Q2014 0.10% 0.10% 0.30%
02/13 France French Labor Office Wages QoQ 4Q2014 0.10% 0.20% 0.20%
02/13 Germany Federal Statistical Off Wholesale Price Index MoM January -0.40% – -1.00%
02/13 Germany Federal Statistical Off Wholesale Price Index YoY January -2.60% – -2.30%
02/13 Germany Federal Statistical Off GDP SA QoQ 4Q2014 0.70% 0.30% 0.10%
02/13 Germany Federal Statistical Off GDP WDA YoY 4Q2014 1.40% 1.00% 1.20%
02/13 Germany Federal Statistical Off GDP NSA YoY 4Q2014 1.60% 1.20% 1.20%
02/13 Spain INE CPI Core MoM January -1.50% – 0.00%
02/13 Spain INE CPI Core YoY January 0.20% 0.00% 0.00%
02/13 Italy ISTAT GDP WDA QoQ 4Q2014 0.00% -0.10% -0.10%
02/13 Italy ISTAT GDP WDA YoY 4Q2014 -0.30% -0.50% -0.50%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatari firms hold steady in MSCI’s equity review – Qatar-
based companies remained unchanged in the periodical review
of MSCI’s Emerging Markets Index in February 2015
(announced after-close on February 11). However, as reported
by Arabic business portal Mubasher, the review results were in
contrast to a section of analysts’ expectations of increasing the
percentage of Qatar’s general index and introducing new firms
on the emerging market’s list. The global index compiler’s top 10
constituents of Qatar Index include QNB Group (QNBK),
Industries Qatar (IQCD), Masraf Al Rayan (MARK), Ooredoo
(ORDS), Qatar Islamic Bank (QIBK), Qatar Electricity & Water
Company (QEWS), Vodafone Qatar (VFQS), Commercial Bank
of Qatar (CBQK), Gulf International Services (GISS) and Barwa
Real Estate Company (BRES). Doha Bank (DHBK) makes up
the final constituent of the index. MSCI upgraded Qatar and the
UAE markets from frontier to emerging status during 1H2014
and later it lifted the weights of QNBK, IQCD and QIBK on
foreign ownership reforms. (QNBFS Research, Peninsula Qatar)
 UDCD reports QR626mn net profit in FY2014 – United
Development Company (UDCD) reported a net profit attributable
to equity holders of QR626mn in FY2014 as compared to
QR323mn in FY2013. Revenue for FY2014 stood at QR1.9bn.
The company reported a gross profit of QR1.1bn, while total
assets stood at QR19bn. The company proposed a cash
dividend of QR1.25/share. (Peninsula Qatar)
 CBQK selects MSCI for risk management tool – The
Commercial Bank of Qatar (CBQK) has selected MSCI Inc., a
leading global provider of investment decision support tools, to
provide risk management tools for the bank’s investment
portfolio. CBQK will utilize MSCI’s ‘RiskMetrics RiskManager’ to
analyze market risk on its investment portfolio, which includes
exposure to fixed income and equity assets through direct and
derivative-based securities. MSCI’s RiskManager provides
market exposures and sensitivities across a broad range of
instruments, including commodities, equities, fixed income,
forex, mortgages and structured credit. (Peninsula Qatar)
 DHBK plans product innovation, revenue diversification –
Doha Bank Group’s (DHBK) CEO Dr. R Seetharaman stated
that the bank will strive for revenue diversification and product
innovation as the bank expects its foreign assets to grow faster
and make a larger contribution. He said the bank would maintain
its strategy of sustainable organic growth with diversification that
is within its risk appetite. The bank would take steps to contain
its non-performing loans (NPLs), which stood at 3.1% as of
December 31, 2014. DHBK plans to bring NPLs down to 2% in
the near-term through prudent measures and better recoveries.
(Gulf-Times.com)
 MCCS’ subsidiary divests stake in UtilNet – Mannai
Corporation (MCCS) informed that its subsidiary Mansoft Qatar
has sold 300,000 shares in Jordan-based Utility Networks
Information Systems Consultants (UtilNet), representing 75% of
UtilNet’s share capital. The company divested the investment
since UtilNet has accumulated losses, which would have a
negative impact on the holding company’s profit. (QSE)
 QFLS to deploy 20 mobile petrol stations soon – Woqod
(QFLS) has acquired around 20 specially-built fuel tankers to
work as mobile filling stations in areas that urgently need their
services. More such mobile fuel filling facilities are being
acquired to be deployed in localities that have no petrol stations.
The move apparently follows pressure from public
representatives to provide more petrol filling facilities in different
areas of the country, where petrol stations have been
demolished. The Central Municipal Council recently discussed
the issue and urged the Ministry of Municipality & Urban
Planning to not demolish filling stations any more. (Peninsula
Qatar)
 GEM: 50% Qataris keen to start new business – According to
the Global Entrepreneurship Monitor’s (GEM) 2014 Global
Report, around 50.4% of adults in Qatar are planning to start a
new business within the next three years, helping Qatar stand
out as the developed country with the highest level of
entrepreneurial intentions. The report also finds that 16% adults
are engaged in total early-stage entrepreneurial activities, which

4. Page 4 of 7
means they are in the process of starting a venture within three
years. The GEM report is an annual survey of entrepreneurial
activities, intentions and attitudes across 73 countries. Data from
Qatar was included for the first time. (Gulf-Times.com)
 KPMG to offer financial management in Qatar – KPMG is
launching its financial management offering in Qatar, which is
aimed at supporting the continuing evolution of the chief
financial officer’s role. The new service is particularly useful for
organizations that want to run their finance processes faster and
more efficiently, or want to use outsourcing models to further
drive down costs without compromising quality. (Gulf-
Times.com)
International
 QNBK: Fundamental adjustments taking place will result in
a gradual recovery in oil prices over the medium term –
According to a report by QNB Group (QNBK), oil prices have
rebounded from a low of $45/barrel in January 2015 to
$62/barrel so far in February 2015 which poses the question
whether a further rebound is in the making, given cutbacks in
investment spending by oil companies and falling US drilling rig
counts. The evidence suggests that these fundamental changes
are likely to affect prices only over the medium term, while
technical factors in financial markets explain the recent rebound.
These technical factors are likely to be temporary. QNB Group
therefore does not expect a significant further recovery this year
with oil prices averaging at USD56/barrel in 2015. The
fundamental supply adjustments currently taking place will,
however, result in a gradual recovery in oil prices to
USD64/barrel in 2016 and USD69/barrel in 2017. (QNB Group)
 US consumer sentiment falls off 11-year high – The
consumer sentiment in the US fell unexpectedly in February
from an 11-year high amid worries over slowing economic
growth, suggesting a recent weakness in spending might last
longer. The ebb in sentiment came despite strong job gains over
the last three months, signs of acceleration in wage growth as
well as cheaper gasoline prices, factors that economists had
expected would buoy consumer spending. The University of
Michigan said its Consumer Sentiment Index slipped to 93.6 in
early February from a reading of 98.1 in January. The drop
reflects an uptick in gasoline prices early in February. However,
the index was still at the second highest level since January
2007. Economists had expected the index to hold steady.
(Reuters)
 Greece promises to do its best as debt talks cheer markets
– The Greek government promised to do whatever it can to
secure a deal with its international creditors, as experts from
both sides began technical talks to lay the ground for an accord.
Fear of financial chaos had forced savers to pull cash out of
Greek banks. Banking sources said this was the reason the
European Central Bank (ECB) offered more emergency funding
for Greek banks until after crunch talks among Eurozone finance
ministers. Greek markets rose strongly after the new Prime
Minister Alexis Tsipras – elected on a promise to scrap a bailout
deal that he says has impoverished millions – agreed to have
his aides sit down with officials from the European Union, ECB
and the IMF. (Reuters)
 Eurozone 4Q2014 GDP grows by surprise 0.3% – Data from
the European statistics agency Eurostat showed that the
Eurozone GDP grew by more than expected in 4Q2014, due to
an accelerating German economy. A preliminary estimate
showed that the Eurozone economy expanded 0.3% QoQ in
4Q2014 after a 0.2% rise in 3Q2014. Growth stood at 0.9% YoY
in 4Q2014 from 0.8% YoY in 3Q2014, again higher than the
expectation of a 0.8% rise. Meanwhile, Germany grew by a
much stronger than expected 0.7% in 4Q2014, with domestic
demand lifting it out of its mid-year lull to take growth for the
whole year to 1.6% and raising hopes of a strong 2015.
Quarterly GDP not only beat the Reuters consensus forecast for
0.3%, but also all individual estimates. The overall growth rate
for 2014 overshot the Statistics Office's January estimate of
1.5%. (Reuters)
 EU states agree for final deal to regulate market
benchmarks – States in the European Union (EU) have agreed
on a common position to regulate market benchmarks, opening
the door to negotiations on a final agreement with lawmakers for
new rules to avoid future market rigging scandals. The draft law
was proposed by the European Commission after banks were
fined for trying to rig interest rate benchmarks. Since then,
lenders have also been fined for trying to manipulate currency
benchmarks, prompting lawmakers to toughen up the draft law.
EU presidency Latvia said doubts about the integrity of indices
used as benchmarks can undermine market confidence, cause
losses to investors and distort the real economy. EU states have
amended the original draft to widen the net so that more
benchmarks are deemed to be critical and thus are subject to
the toughest level of supervision. (Reuters)
 China’s money growth slumps to record low; allows
companies more freedom in FTZ – China's growth in broad
money supply slumped to its lowest on record in January even
as new Chinese yuan loans hit a 5-1/2-year high, boosting bets
that Beijing may further loosen its monetary policy to avert a
sharper economic slowdown. The central bank’s data showed its
broad M2 money supply measure in January rose just 10.8%
YoY, the weakest pace since in 1998 and well under a 12.1%
forecast. That came in despite new yuan loans surging to
CNY1.47tn, and more than doubling over December's
CNY697.3bn. Meanwhile, China has opened the door of its
tightly-controlled capital account a fraction wider by allowing
firms operating within the Shanghai Free Trade Zone (FTZ) to
borrow funds without going through complicated regulatory
hurdles. Firms in the free trade zone in Shanghai will now be
able to borrow up to twice their capital base – double the
previous limit – allowing them greater access to cheaper
offshore financing. Further, firms in the FTZ will be allowed to
determine their own level of foreign capital financing exposure.
The authorities said banks operating in the zone can raise funds
either in foreign or domestic currency. Non-bank financial
institutions such as securities firms can also import foreign
capital, but domestic firms are urged not to rely on short-term
financing. (Reuters)
 IMF offers $17.5bn package to help Ukraine’s economy –
The International Monetary Fund (IMF) has agreed to offer a
new $17.5bn lifeline to Ukraine, hoping to stabilize the country
as it teeters on the edge of default. The new plan replaces a
$17bn emergency bailout that was extended in 2014 after mass
street protests ousted the country’s president, Viktor F.
Yanukovych; Russia annexed Crimea; and a violent separatist
uprising began in the eastern region. That uprising has now
stretched into a yearlong battle that has devastated Ukraine’s
economy. In addition to the heavy costs of the continuing
military operations and the displacement of one million people
from the east, Ukraine has had to grapple with a collapse in the
value of its currency, the hryvnia, and spiking inflation. Trade
with Russia, Ukraine’s largest partner, has plummeted,
paralyzing many industries. Foreign investment has dried up
amid the turmoil. (NY Times)
Regional

5. Page 5 of 7
 Al-Khodari wins SR637.5mn contract from Ma’aden unit –
Abdullah A. M. Al-Khodari Sons Company (Al-Khodari)
announced that it has been awarded a contract from Ma’aden
Waad Al Shamal Phosphate Company, a subsidiary of Saudi
Arabian Mining Company (Ma’aden). The new contract is for a
well field package in the company’s project in Waad Al Shamal
valued at SR637.5mn. (Tadawul)
 APC to shut plant for periodic maintenance in March –
Advanced Petrochemical Co. (APC) has announced that its
propylene & polypropylene plants will undergo a periodic
scheduled maintenance for a period of three weeks starting from
March 1, 2015. The shutdown is for periodic maintenance, which
will not result in any loss of production or revenues. (Tadawul)
 Al Alamiya to distribute SR19.3mn compensation – Al
Alamiya for Cooperative Insurance Company (Al Alamiya)
announced that a compensation amount of SR19.3mn will be
paid to its shareholders who have not exercised their right to
subscribe for the rights issue on February 12, 2015. The
company has appointed Saudi British Bank to deposit the
compensation amount to its shareholders’ bank accounts that
are linked to their investment portfolios. (Tadawul)
 BCIC invites shareholders to approve capital increase –
Buruj Cooperative Insurance Company (BCIC) has invited its
shareholders to approve its share capital increase of SR120mn
through a rights issue offering. (Tadawul)
 Janssen signs partnership deal with Riyadh Pharma –
Belgium-based Janssen Company and the Medical & Cosmetic
Products Company (Riyadh Pharma) have signed a partnership
agreement in Saudi Arabia for five years. The agreement aims
to promote cooperation in the manufacturing of some of
Janssen’s pharmaceutical products in the Kingdom’s Riyadh
Pharma factory. (GulfBase.com)
 SR25mn Sama Abha project to start soon – According to a
report by Arab News, the first phase of the SR25mn Sama Abha
project is set to start, as Asir Mayor Ibrahim Khalil scrutinizes
bids for the contract. The 17mn square meter project will include
a restaurant, a hotel, kiosks, green areas and family seating
areas. (GulfBase.com)
 SR100mn lubricant plant to be set up in Jazan – Prince Turki
bin Mohammed bin Nasser, Director of International Trade at the
Ministry of Commerce & Industry and Supervisor of Jazan
Industrial City, has signed an agreement with Faiz Mohammed,
Managing Director of Al-Mohtesham Trading, to establish a
SR100mn lubricant plant in the city. The plant will produce
2.4mn tons of lubricants annually. (GulfBase.com)
 CDSI: KSA inflation at lowest level since September 2012 –
According to the data released by the Central Department of
Statistics & Information (CDSI), Saudi Arabia’s inflation fell to
2.2% in January 2015 to its lowest level since at least
September 2012, when the current data series began. Prices of
housing and utilities increased 2.7% YoY, while food &
beverages rose 2.1%. The data is based on the 2007 consumer
basket with the series beginning in September 2012.
(GulfBase.com)
 JETRO: UAE-Japan trade stable at AED189.2b in 2014 –
According to the Japan External Trade Organization (JETRO),
trade between the UAE and Japan stood stable at AED189.19bn
in 2014, up 0.3% from 2013. The UAE’s exports to Japan
dropped due to falling prices of oil by around 2% to
AED154.07bn in 2014 compared with AED157.26bn in 2013.
However, the UAE’s imports from Japan grew by 11.9% to
AED35.12bn in 2014 compared with AED31.38bn in 2013. As a
result, the surplus in the UAE’s balance of trade with Japan
dropped to AED118bn in 2014 compared with AED125.88bn in
2013, down by around 6.2%. (GulfBase.com)
 Tabreed seek shareholders’ nod for dividend – National
Central Cooling Company (Tabreed) has invited its shareholders
to consider and approve its board’s proposal regarding the
distribution of cash dividends at 5 fils per share or 5% of the
company’s capital for FY2014. (DFM)
 Emaar Misr to float shares on EGX – Emaar Misr has
submitted a request to the Egyptian Exchange’s (EGX)
Securities Listing Committee to float its shares in the Egyptian
market. Emaar Misr, a subsidiary of Dubai-based Emaar
Properties, operates with a capital of EGP878mn, which is
distributed in 87mn shares. (GulfBase.com)
 ASCANA to offer 15% dividend for 2014 – Arabian
Scandinavian Insurance Company’s (ASCANA) board of
directors has decided to distribute 15% cash dividend for 2014.
(DFM)
 DPR expects Dubai theme parks to generate AED2.4bn
revenues – Dubai Parks & Resorts (DPR), which is building
Legoland Dubai, expects projected revenues worth AED2.4bn in
the first year of operations. DPR is also developing similar
theme parks in Jebel Ali, including Motiongate Dubai and
Bollywood Parks Dubai, which are expected to open in October
2016. These resorts are forecasted to attract 6.7mn visitors
during the first full year of operations and are part of Dubai’s
2020 vision. The operator will invest AED10.5bn in these
resorts, which will occupy 25mn square feet of land located off
Sheikh Zayed Road in Jebel Ali. (GulfBase.com)
 Meraas eyes AED860mn loan for Ferris wheel – According to
sources, Meraas Holding is seeking an AED860mn loan to fund
the development of retail space around what will be the world's
largest Ferris wheel. The company is developing some of the
Emirate's most ambitious real estate projects, including a 210-
metre tall Ferris wheel on a manmade island off the coast of
Dubai. The loan is being arranged by Emirates NBD and will
have a 10-year term and an amortizing structure. The loan’s
interest rate would be between 3.5% and 4% over the Emirates
interbank offered rate (Eibor). The deal is expected to be
completed within March 2015. (Reuters)
 Union Cement’s BoD recommends 10% dividend – Union
Cement Company’s board of directors has recommended
distributing cash dividend of 10% to its shareholders for the year
ended December 31, 2014. (ADX)
 Aldar to stick to schedule on new developments – Aldar
Properties’ CFO, Greg Fewer said that the company is planning
to stick to its earlier schedule for new developments. He said
that the company is simultaneously moving ahead with all its
existing projects. The development pipeline is to add 73,000
new units across the existing destinations over the next 4-5
years. Meanwhile, the company said that it expects to cut its
debt to AED6bn by the end of 2015, as it paid off debt worth
AED1bn in January. (GulfBase.com)
 Fitch Affirms Abu Dhabi at 'AA'; Outlook Stable – Fitch
Ratings has affirmed Abu Dhabi's long-term foreign and local
currency Issuer Default Ratings (IDR) at 'AA' with a Stable
outlook. The ratings on Abu Dhabi's senior unsecured foreign
and local currency bonds have also been affirmed at 'AA'. The
short-term foreign currency IDR has been affirmed at 'F1+'. The
UAE's Country Ceiling has been affirmed at 'AA+' and this
applies to Abu Dhabi and Ras al-Khaimah as well. (Reuters)
 KNPC: Dust storm hits Kuwait’s oil exports – Kuwait National
Petroleum Company (KNPC) reported that a dust storm has

6. Page 6 of 7
disrupted oil exports from Kuwait forcing it to halt both its crude
and oil products exports on February 12, 2015. Export
operations in Saudi Arabia were not affected by similar weather
conditions. The suspension in Kuwait will remain until weather
conditions improve. Kuwait produces around 3mn barrels of
crude per day. (Gulf-Times.com)
 NBK: Kuwait’s annual inflation rate climbs to 2.9% in 2014 –
According to a report issued by National Bank of Kuwait (NBK),
Kuwait’s inflation remained between 2.7% and 3% throughout
most of 2014, with headline inflation logging in an annual
average of 2.9% compared with only 2.7% in 2013. The report
noted that the inflation slowed from 3.1% YoY in November to
3.0% YoY in December. Core inflation came in higher during the
same period, rising from 3.0% YoY to 3.2% YoY. Headline
inflation eased as the rise in housing inflation was offset by a
slowdown in the CPI’s other major components, food inflation in
particular. Core inflation was led higher by a pickup in housing
inflation. (GulfBase.com)
 Kuwait shrugs off oil price drop, plans KD34bn spend –
Kuwait’s State Minister for Planning & Development, Hind al-
Sabeeh said that the country is planning to spend more than
KD34bn on projects in a new five-year development plan in spite
of the recent slump in oil prices. The plan, which ends March
2020, will aim to bolster the State’s gross domestic product
(GDP), increasing the private sector share in the economy from
26.4% currently to 41.9% while stepping up the number of
nationals working in the private sector from 92,000 to 137,000.
The plan also aims to catapult Kuwait as a regional trade and
financial hub by 2035. Projects envisaged include the
construction of 45,000 housing units, a metro system, a railway
network and a number of mega oil projects, including a new
refinery. Kuwait has announced the budget for 2015-2016
projecting a deficit of $24bn and a 17% cut in overall spending.
(GulfBase.com)
 Gulf Mushroom appoints temporary Director – Gulf
Mushroom Products Company has appointed Mr. Abdulla
Mohamed Al Ansari as a temporary Director representing M/s.
Al-Hosn Investment Company and will hold the office until the
next annual general meeting. (MSM)
 Alba signs service level agreement with APM Terminals
Bahrain – Aluminium Bahrain (Alba) has signed a service level
agreement with APM Terminals Bahrain, a subsidiary of APM
Terminals, and operator of Khalifa Bin Salman Port, Kingdom of
Bahrain. The milestone agreement will boost Alba’s strategy to
enlarge its presence in the global markets as well as enhance its
overall service levels to customers. (Bahrain Bourse)
 Batelco plans global expansion – Bahrain
Telecommunications Company (Batelco) is expanding its global
network presence, in line with the world-wide connectivity boom
and to accommodate the needs of the ultra-fast paced business
world. The expansion will not only cover more geographic
locations, but will also enrich Batelco’s network performance,
resiliency and reliability. (Bahrain Bourse)
 BisB’s net profit surges 52% in FY2014 – Bahrain Islamic
Bank (BisB) reported BHD9.3mn net profit for FY2014, up 52%
as compared to BHD6.1mn in FY2013. The bank has registered
net profit of BHD2.8mn in 4Q2014 versus BHD2.3mn in
4Q2013, representing a YoY increase of 22%. Operating profit
reached BHD14mn in 4Q2014 compared to BHD9mn in
4Q2013. The bank’s total assets stood at BHD875.21mn at the
end of December 2014 as against BHD910.29mn at the end of
December 2013. Customer’s current accounts stood at
BHD137.42mn. EPS stood at 9.93 fils per share in FY2014 as
compared to 6.52 fils per share in FY2013. Meanwhile, BisB’s
BoD has decided not to distribute dividends for the financial year
ended December 31, 2014. (Bahrain Bourse)
 NHC’s BoD recommends cash dividend, bonus issue –
National Hotels Company’s (NHC) board of directors
recommended cash dividend at 10% of paid up capital (10 fils
per share). The board also proposed distributing 5% bonus
shares or one share for every 20 owned shares, to shareholders
of record until the close of trading on the general meeting date.
(Bahrain Bourse)
 Inovest not to distribute dividends – Inovest’s board of
directors has decided not to distribute dividends to its
shareholders for the financial year ended December 31, 2014.
(Bahrain Bourse)
 Delmon Poultry’s BoD recommends 20% cash dividend –
Delmon Poultry Company’s board of directors has
recommended distributing a cash dividend of 20% of its fully
paid up capital (20 fils per share). (Bahrain Bourse)

7. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the
Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only.
It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability
whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically
engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this
report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make
any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis,
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
QSE Index S&P Pan Arab S&P GCC
1.4%
(0.6%)
(0.1%) (0.0%)
0.0% 0.0%
(0.1%)
(1.2%)
(0.6%)
0.0%
0.6%
1.2%
1.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,222.15 0.3 (1.0) 3.1 MSCI World Index 1,741.22 1.1 1.2 1.8
Silver/Ounce 16.85 0.3 0.8 7.3 DJ Industrial 17,972.38 0.6 0.8 0.8
Crude Oil (Brent)/Barrel (FM
Future)
57.05 4.4 (1.3) (0.5) S&P 500 2,088.48 1.0 1.6 1.4
Crude Oil (WTI)/Barrel (FM
Future)
51.21 4.9 (0.9) (3.9) NASDAQ 100 4,857.61 1.2 2.4 2.6
Natural Gas (Henry
Hub)/MMBtu
2.87 0.8 12.4 (4.1) STOXX 600 374.83 1.6 1.0 3.0
LPG Propane (Arab Gulf)/Ton 57.50 4.8 5.0 17.3 DAX 10,919.65 2.4 1.3 4.3
LPG Butane (Arab Gulf)/Ton 69.00 5.1 (0.4) 5.3 FTSE 100 6,828.11 1.0 0.5 2.6
Euro 1.14 0.6 0.8 (5.7) CAC 40 4,726.20 1.8 1.3 4.1
Yen 119.11 (1.1) (0.0) (0.6) Nikkei 17,979.72 2.3 2.1 3.5
GBP 1.54 1.0 0.9 (1.2) MSCI EM 971.19 1.0 (0.8) 1.6
CHF 1.07 (0.3) (0.5) 6.8 SHANGHAI SE Composite 3,173.42 0.4 3.1 (2.5)
AUD 0.77 0.2 (0.8) (5.4) HANG SENG 24,422.15 0.4 (1.1) 3.5
USD Index 94.09 (0.9) (0.6) 4.2 BSE SENSEX 28,805.10 1.6 0.2 6.7
RUB 65.39 0.3 (2.2) 7.7 Bovespa 49,532.72 4.6 (0.3) (7.2)
BRL 0.35 1.7 (1.5) (6.1) RTS 861.93 3.6 4.3 9.0
181.2
140.8
128.6