The QSE Index in Qatar declined 0.2% due to losses in the Banks & Financial Services and Transportation indices. Gulf Warehousing Co. and Gulf International Services were the top losers, falling 3.1% and 2.6% respectively, while Islamic Holding Group rose 9.9% and Qatar General Insurance and Reinsurance Co. rose 6.2%. Trading volume on the QSE rose by 21.6% compared to the previous day.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.2% to close at 11,862.3. Losses were led by the
Banks & Financial Services and Transportation indices, falling 1.2% and 0.5%,
respectively. Top losers were Gulf Warehousing Co. and Gulf International
Services, falling 3.1% and 2.6%, respectively. Among the top gainers, Islamic
Holding rose 9.9%, while Qatar General Insurance & Reins. Co. was up 6.2%.
GCC Commentary
Saudi Arabia: The TASI Index rose marginally to close at 8,483.6. Gains were
led by the Multi-Investment and Real Estate Develop. indices, rising 1.6% and
1.3%, respectively. Alinma Tokio Marine and Al Alamiya were up 10.0% each.
Dubai: The DFM Index declined 0.4% to close at 3,877.8. The Real Estate &
Const. index fell 0.8%, while the Financial & Inv. Ser. index was down 0.6%.
Takaful Al-Emarat Insurance fell 9.3%, while Gulf Navigation was down 2.5%.
Abu Dhabi: The ADX benchmark index fell 0.9% to close at 4525.8. The
Energy index declined 1.4%, while the Banks index was down 1.3%. Abu
Dhabi Ship Build. Co. and Arkan Building Materials Co. were down 4.9% each.
Kuwait: The KSE Index rose 0.3% to close at 6,645.9. The Technology index
gained 2.9%, while the Insurance index was up 1.1%. Al Dar National Real
Estate Co. and Gulf Franchising Holding Co. were up 9.6% each.
Oman: The MSM Index declined marginally to close at 6,652.2. Losses were
led by the Financial and Industrial indices, falling 0.5% and 0.4%, respectively.
Al Hassan Engineering fell 3.7%, while Al Sharqia Investment was down 3.4%.
Bahrain: The BHB Index gained 0.3% to close at 1,436.2. The Industrial index
rose 1.0%, while the Commercial Bank index was up 0.4%. National Bank of
Bahrain gained 1.8%, while the Aluminium Bahrain was up 1.0%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 106.10 9.9 474.0 (14.8)
Qatar General Ins. and Reins. Co. 58.00 6.2 2.0 (1.7)
Mazaya Qatar Real Estate Dev. 20.15 4.7 2,124.2 5.2
United Development Co. 24.79 3.0 1,892.9 5.1
Barwa Real Estate Co. 45.65 2.8 4,497.4 8.9
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 45.65 2.8 4,497.4 8.9
Mazaya Qatar Real Estate Dev. 20.15 4.7 2,124.2 5.2
United Development Co. 24.79 3.0 1,892.9 5.1
Vodafone Qatar 15.15 2.4 1,763.2 (7.9)
Gulf International Services 95.90 (2.6) 773.2 (1.2)
Market Indicators 20 Jan 15 19 Jan 15 %Chg.
Value Traded (QR mn) 690.6 626.3 10.3
Exch. Market Cap. (QR mn) 647,013.6 647,861.5 (0.1)
Volume (mn) 16.0 13.2 21.6
Number of Transactions 7,555 6,209 21.7
Companies Traded 42 41 2.4
Market Breadth 24:15 17:22 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,692.54 (0.2) (0.0) (3.4) N/A
All Share Index 3,046.31 (0.1) (0.0) (3.3) 14.4
Banks 3,117.08 (1.2) (1.2) (2.7) 14.3
Industrials 3,735.63 0.1 (0.2) (7.5) 13.0
Transportation 2,304.77 (0.5) (1.8) (0.6) 13.5
Real Estate 2,279.83 1.5 3.8 1.6 19.9
Insurance 3,742.82 1.3 (0.1) (5.4) 11.5
Telecoms 1,387.67 0.5 0.5 (6.6) 19.2
Consumer 7,023.51 1.2 0.9 1.7 28.2
Al Rayan Islamic Index 4,036.46 0.6 1.4 (1.6) 16.7
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Saudi Pharmaceutical Saudi Arabia 40.73 6.7 1,382.6 19.7
Qatar Gen. Ins. & Rein. Qatar 58.00 6.2 2.0 (1.7)
Astra Industrial Group Saudi Arabia 34.34 3.8 1,407.1 8.9
Co. for Coop. Ins. Saudi Arabia 65.81 3.1 1,338.1 31.8
United Arab Bank Abu Dhabi 6.75 3.1 14.3 3.8
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Saudi Telecom Co. Saudi Arabia 67.42 (6.0) 3,402.1 2.6
Kuwait Cement Co. Kuwait 0.38 (5.1) 5.1 (6.3)
Sharjah Islamic Bank Abu Dhabi 1.91 (4.5) 68.1 8.5
Saudi British Bank Saudi Arabia 53.40 (3.8) 532.8 (8.5)
Mobile Telecom. Co. Kuwait 0.52 (3.7) 50,270.1 (1.9)
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%
Gulf Warehousing Co. 53.60 (3.1) 157.0 (5.0)
Gulf International Services 95.90 (2.6) 773.2 (1.2)
Doha Bank 55.40 (2.1) 723.3 (2.8)
Qatar German Co for Med. Dev. 9.70 (2.0) 150.1 (4.4)
Qatar Oman Investment Co. 15.00 (1.8) 125.5 (2.6)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 45.65 2.8 204,710.4 8.9
Gulf International Services 95.90 (2.6) 74,826.0 (1.2)
Islamic Holding Group 106.10 9.9 48,888.6 (14.8)
United Development Co. 24.79 3.0 46,605.3 5.1
Mazaya Qatar Real Estate Dev. 20.15 4.7 42,215.5 5.2
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* 11,862.32 (0.2) (0.0) (3.4) (3.4) 189.65 177,669.9 15.2 1.9 4.0
Dubai 3,877.77 (0.4) 0.9 2.7 2.7 148.43 93,165.1 11.2 1.4 5.1
Abu Dhabi 4,525.78 (0.9) 1.0 (0.1) (0.1) 56.19 126,642.6 12.1 1.5 3.7
Saudi Arabia 8,483.62 0.0 0.3 1.8 1.8 1,743.33 488,652.1 16.0 2.0 3.2
Kuwait 6,645.86 0.3 0.7 1.7 1.7 170.98 100,006.4 16.7 1.1 3.9
Oman 6,652.22 (0.0) 2.0 4.9 4.9 12.85 25,094.3 9.8 1.4 4.3
Bahrain 1,436.18 0.3 0.5 0.7 0.7 0.18 53,722.4 10.4 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)
11,840
11,860
11,880
11,900
11,920
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 0.2% to close at 11,862.3. The Banks &
Financial Services and Transportation indices led the losses.
The index fell on the back of selling pressure from non-Qatari
shareholders despite buying support from Qatari shareholders.
 Gulf Warehousing Co. and Gulf International Services were the
top losers, falling 3.1% and 2.6%, respectively. Among the top
gainers, Islamic Holding Group rose 9.9%, while Qatar General
Insurance and Reinsurance Co. was up 6.2%.
 Volume of shares traded on Tuesday rose by 21.6% to 16.0mn
from 13.2mn on Monday. Further, as compared to the 30-day
moving average of 14.7mn, volume for the day was 8.7% higher.
Barwa Real Estate Co. and Mazaya Qatar Real Estate
Development were the most active stocks, contributing 28.1%
and 13.3% 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
Qatar General
Insurance and
Reinsurance Co.
(QGRI)
A.M. Best Qatar FSR/ICR A-/a- 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, ICR – Issuer Credit Rating)
Earnings Releases
Company Market Currency
Revenue
(mn) 4Q2014
% Change
YoY
Operating Profit
(mn) 4Q2014
% Change
YoY
Net Profit (mn)
4Q2014
% Change
YoY
Saudi Printing and
Packaging Co. (SPPC)
Saudi Arabia SR – – 9.2 -32.4% 4.8 33.3%
Saudia Dairy and Foodstuff
.Co (SADAFCO)
Saudi Arabia SR – – 31.7 -23.3% 30.2 -21.7%
Sadara Basic Services Co.
(Sadara)
Saudi Arabia SR – – -500.8 NA -512.0 NA
Electrical Industries Co.
(EIC)
Saudi Arabia SR – – 62.6 -7.9% 59.0 -10.8%
Saudi Arabian Mining Co.
(MAADEN)
Saudi Arabia SR – – 610.8 1,274.5% 376.0 NA
Rabigh Refining and
Petrochemical Co. (Petro
Rabigh)
Saudi Arabia SR – – -181.0 NA -198.0 NA
Dallah Healthcare Holding
Co. (Dallah Health)
Saudi Arabia SR – – 50.2 4.4% 50.4 -3.3%
Takween Advanced
Industries (Takween)
Saudi Arabia SR – – 19.1 NA -0.8 NA
Methanol Chemicals
Company (CHEMANOL)
Saudi Arabia SR – – -7.2 NA -18.2 NA
Tabuk Cement Co. (TCC) Saudi Arabia SR – – 29.1 -26.1% 28.9 -24.1%
Saudi Vitrified Clay Pipes
Co. (SVCP)
Saudi Arabia SR – – 28.5 17.3% 24.0 -2.0%
Al-Ahsa Development Co.
(ADC)
Saudi Arabia SR – – -6.3 NA -13.2 NA
Al-Baha Investment and
Development Co. (Al-Baha)
Saudi Arabia SR – – -0.9 NA -0.9 NA
Fawaz Abdulaziz AlHokair
Co. (AlHokair)
Saudi Arabia SR – – 126.2 -11.6% 106.2 -20.3%
Saudi Marketing Co. (Farm
Superstore)
Saudi Arabia SR – – 28.0 5.9% 23.1 -14.0%
Nama Chemicals Co. (Nama
Chemicals)
Saudi Arabia SR – – -39.1 NA -45.9 NA
Knowledge Economic City
(KEC)
Saudi Arabia SR – – -26.1 NA -58.0 NA
Hail Cement Co. (HCC) Saudi Arabia SR – – 44.5 54.2% 40.9 41.3%
Wafrah For Industry And
Development (WAFRAH)
Saudi Arabia SR – – -4.9 NA -3.3 NA
Filing and Packing Materials
Manufacturing Co. (FIPCO)
Saudi Arabia SR – – 6.3 -6.4% 5.5 -11.3%
Amana Cooperative
Insurance Co. (Amana
Insurance)
Saudi Arabia SR – – 24.5 11.7% 1.0 -95.9%
Abdulmohsen Alhokair
Group for Tourism and
Saudi Arabia SR – – 47.6 -2.9% 50.2 -17.6%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 74.01% 68.99% 34,717,241.97
Non-Qatari 25.99% 31.02% (34,717,241.97)

3. Page 3 of 7
Development Co. (Al Hokair
Group)
United Electronics Company
(Extra)
Saudi Arabia SR – – 8.8 -85.4% 8.4 -85.6%
Alujain Corporation (Alujain) Saudi Arabia SR – – 142.2 66.9% 65.2 92.8%
Umm Al-Qura Cement
Company (UACC)
Saudi Arabia SR – – -3.7 NA -3.7 NA
Saudi Automotive Services
Co. (SASCO)
Saudi Arabia SR – – -2.8 NA 46.9 268.1%
Allianz Saudi Fransi
Cooperative Insurance Co.
(Allianz SF)
Saudi Arabia SR 79.8 -21.6% – – 1.2 26.7%
Saudi Airlines Catering Co.
(Catering)
Saudi Arabia SR – – 164.7 34.0% 172.8 35.9%
Bawan Co. (Bawan) Saudi Arabia SR – – 35.8 -22.1% 37.2 -4.3%
Aseer Trading, Tourism &
Manufacturing Co. (Aseer)
Saudi Arabia SR – – 70.8 -6.3% 36.2 -10.2%
Basic Chemical Industries
Co. (BCI)
Saudi Arabia SR – – 12.8 25.5% 6.5 75.7%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
01/20 US NAHB NAHB Housing Market Index January 57.0 58.0 58.0
01/20 EU ZEW ZEW Survey Expectations January 45.2 – 31.8
01/20 Germany Destatis PPI MoM December -0.70% -0.40% 0.00%
01/20 Germany Destatis PPI YoY December -1.70% -1.40% -0.90%
01/20 Germany ZEW ZEW Survey Current Situation January 22.4 13.0 10.0
01/20 Germany ZEW ZEW Survey Expectations January 48.4 40.0 34.9
01/20 China NBS Fixed Assets Ex Rural YTD YoY December 15.70% 15.70% 15.80%
01/20 China NBS Retail Sales YTD YoY December 12.00% 12.00% 12.00%
01/20 China NBS Retail Sales YoY December 11.90% 11.70% 11.70%
01/20 China NBS Industrial Production YTD YoY December 8.30% 8.20% 8.30%
01/20 China NBS Industrial Production YoY December 7.90% 7.40% 7.20%
01/20 China NBS GDP SA QoQ 4Q2014 1.50% 1.70% 1.90%
01/20 China NBS GDP YoY 4Q2014 7.30% 7.20% 7.30%
01/20 China NBS GDP YTD YoY 4Q2014 7.40% 7.30% 7.40%
01/20 China Bloomberg GDP Monthly Estimate YoY December 7.07% – 6.74%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 DHBK reports QR1.35bn net profit in 2014, declares
QR4.00/share cash dividend – Doha Bank (DHBK) reported a
net profit of QR1.35bn in FY2014 (QNBFS Research and
Bloomberg consensus estimates was QR1.40bn), reflecting an
increase of 3.1% YoY. The bank’s net operating income grew by
12.5% YoY to QR2.9bn vs. our estimate of QR2.8bn. Fees and
commission income grew by 27.3% YoY to QR516mn. Total
assets increased by QR8.5bn, a growth of 12.8% YoY to
QR75.5bn in FY2014. The bank’s net loans & advances
increased to QR48.6bn in FY2014 from QR41.1bn in FY2013,
registering a growth of 18.1%. Deposits showed a YoY increase
of 8.1% to QR45.9bn in FY2014. Meanwhile, DHBK has
declared a QR4.00/share (Yield of 7.2%) cash dividend to
shareholders. The board of directors also recommended another
Tier I issue of ~QR2.0bn to improve the Tier I and CAR Ratios.
We maintain our target price of QR67.00 and have an
Outperform rating on the stock.(Gulf-Times.com)
 MRDS not to proceed with Mackeen merger – Mazaya Qatar
Real Estate Development Company’s (MRDS) board of directors
has decided not to proceed with the merger with Mackeen
Holding after the economic and financial studies demonstrated
that there are no common benefits in this framework for both
companies. (QSE)
 QIBK confirms participation in Ajman Bank financing –
Qatar Islamic Bank (QIBK) has confirmed the recent news report
about its participation in the mutual financing project of Ajman
Bank. QIBK participated in a Shari’ah-compliant syndicated
financing for Ajman Bank by underwriting $50mn. The total
facility of $200mn was arranged by Al Hilal Bank, while other
participant banks included Emirates Islamic Bank and Sharjah
Islamic Bank. (QSE)
 QFB acquires 49% stake in FSC – Qatar First Bank (QFB) has
acquired a 49% stake in Food Services Company (FSC), which
marks QFB’s second investment in the food & beverages sector
and the fourth in the Qatari market. FSC is a leading food &
beverages company that operates a network of 16 branches and
five brands: Opera Patisserie, Opera Café, Opera Catering,
Take Away and Kanafji. (Gulf-Times.com)
 Mannai Trading opens new showroom for home appliances
& electronics – Home Appliances & Electronics Division
(HAED) of Mannai Trading Company, a subsidiary of Mannai
Corporation (MCCS), has shifted to a new showroom located at
Al Emadi Building, C-Ring Road, Doha. The inauguration of the
customized showroom comes under HAED’s strategy to
diversify and expand its operations for achieving maximum
coverage and customer outreach. HAED’s General Manager
Adel Kurdi said that there are plans to inaugurate a few more
outlets in future. (Gulf-Times.com)

4. Page 4 of 7
 AM Best confirms credit rating of QGRI – AM Best has
affirmed the financial strength rating of A- (Excellent) and the
issuer credit ratings of “a-” for Qatar General Insurance &
Reinsurance Company (QGRI). The outlook for both the ratings
is Stable. These ratings reflect QGRI’s strong risk-adjusted
capitalization, sound track record of operating performance and
enhanced enterprise risk management (ERM) capabilities.
(QSE)
International
 Oil falls again as IMF cuts global growth outlook, calls for
accommodative policy – Oil prices fell as much as 5% on 20
January after the International Monetary Fund (IMF) lowered its
2015 global economic forecast and key producer Iran hinted
prices could drop to $25 a barrel without supportive OPEC
action. Genscape, an analytics firm that monitors US oil stocks,
reported a 2.6mn-barrel build last week in Cushing, Oklahoma,
the delivery point for the US crude futures contract, adding to
the market's bearish sentiment. The IMF called for governments
and central banks to pursue accommodative monetary policies
and structural reforms to support growth. In its latest World
Economic Outlook report the IMF said, Global growth is
projected at 3.5% for 2015 and 3.7% for 2016, lowering its
forecast by 0.3 percentage points for both years. The IMF
advised advanced economies to maintain accommodative
monetary policies to avoid increasing real interest rates as
cheaper oil heightens the risk of deflation. If policy rates could
not be reduced further, the IMF recommended pursuing an
accommodative policy through other means. (Reuters)
 Obama calls for closing US income gap – US President
Barack Obama declared the US economy healed and said the
nation now must begin work to close the gap between the well-
off and the wanting. Obama did not give a listing of detailed
policy proposals in his first speech to a Congress with both
chambers controlled by Republicans. Instead, Obama outlined
the rationale for an agenda that reflects a shift in the final two
years of his presidency from spurring a tepid recovery to
promoting a vision for reshaping the US economy as it gains
strength. (Bloomberg)
 Italy's PM presents landmark banking reform – Italian Prime
Minister Matteo Renzi's government defied widespread political
opposition by drafting an emergency decree to change
shareholder voting rules at the country's popolari or cooperative
lenders. The decree aims to consolidate the banking sector and
will overhaul a system that currently gives all shareholders in the
banks one vote regardless of the size of their stake. Outlining
the measure after a Cabinet meeting, Renzi said it would affect
the 10 largest popolari lenders, which have assets above €8bn,
obliging them to become joint stock companies within 18
months. (Reuters)
 Credit Suisse profit sensitive to forex moves; Swiss franc
move will not have lasting impact on euro – Credit Suisse
has responded to recent currency volatility caused by the Swiss
National Bank's (SNB) decision to scrap its currency cap, noting
its earnings remained just as sensitive to forex moves as it had
said in September 2014. Switzerland's second-biggest bank
said the sharp rise in the value of the Swiss franc would not
materially impact its capital ratios but said its profits remained
linked to the currency's value, without giving any specific figures.
Like many major Swiss companies, the bank holds a
considerable portion of assets, and derives revenue, in euros,
dollars and other currencies, but reports in Swiss francs, making
it vulnerable to adverse currency moves. Its statement made no
mention of any losses linked to the franc's volatility but said its
currency sensitivities had remained broadly unchanged since
3Q2014. Meanwhile, German Finance Minister Wolfgang
Schaeuble said that the Swiss National Bank's surprise decision
last week to remove its cap on the Swiss franc was a special
case that should not have a long-term effect on the euro
(Reuters)
 China’s economic fundamentals sound, to push reforms;
Yuan accounts for a quarter of China's payments in 2014 –
Chinese Premier Li Keqiang said the country’s sound economic
fundamentals have not changed and the government will put
more focus on structural reforms in 2015. Li said that the
government will maintain macro-policies appropriate, as China's
economy faces a complex environment in 2015. Recent data
showed China's economy grew at its slowest pace in 24 years in
2014 as property prices cooled and companies and local
governments struggled under heavy debt burdens, keeping
pressure on Beijing to roll out more support measures to avoid a
sharper downturn. Meanwhile, the People's Bank of China
(PBoC) said nearly a quarter of all cross-border payments in
China were settled in yuan, underscoring the renminbi's
growing dominance as it heads into the league of major
currencies. The PBoC vowed to increase international usage of
the currency in 2015 and said a total of CNY 9.95tn worth of
cross-border payments were made in yuan in 2014. The total
value for yuan cross-border payments in 2013 was not available.
The yuan's rising global profile mirrors its surging trading volume
worldwide (Reuters)
 Reuters: Brazil's inflation seen at three year high in mid-
January – According to a Reuters poll, Brazil's inflation rate
probably spiked at the onset of 2015 to the highest in more than
three years as local and federal authorities raised electricity
tariffs and bus fares to balance government finances. According
to the median forecasts, consumer prices as measured by the
IPCA-15 index probably rose 6.75% in the 12 months to mid-
January, up from 6.46% in the 12 months to mid-December.
That would be the highest reading of the IPCA-15 index since
October 2011, and above the official target ceiling of 6.5%. The
steep price increases expected for early January are a direct
consequence of Brazil's recent reversal in economic policy. For
years, the government tried to rein in inflation by delaying
increases in fuel prices and other costs under its direct control,
which triggered a sharp rise in public debt and drew criticism
from investors and rating agencies. (Reuters)
Regional
 Thomson Reuters: Mid-east M&A transactions reach
$22.7bn in 4Q2014 – According to estimates by Thomson
Reuters, the value of announced mergers & acquisitions (M&A)
transactions with any Middle Eastern involvement reached
$22.7bn during 4Q2014. This was more than double the value
registered during 3Q2014, and the highest quarterly total since
1Q2008. Middle Eastern M&As finished the year with a 23%
growth over 2013 with $50.3bn M&A transactions in the region,
the highest annual total since 2010. Outbound M&As drove
2014 activity, up 74% from 2013 to reach $26.0bn, the highest
annual total since 2009. Equity and equity-related issuance
totaled $11.4bn in 2014, reflecting a YoY increase of 173%, but
debt issuance reached $3.5bn during 4Q2014, half the value
raised 3Q2014. However, Middle Eastern bond issuance in 2014
decreased 6% from 2013. (GulfBase.com)
 Kier wins $220mn Mideast construction deals – Kier Group,
a UK-based construction and services group, has clinched new
infrastructure contracts worth $220mn in the Middle East region.
Kier’s CEO, Haydn Mursell said that the company has been
named preferred bidder for a $151mn mixed-use development in
Dubai, as well as two infrastructure contracts totaling $22.7mn

5. Page 5 of 7
on a major new leisure park project for the region. He said the
company has secured a $45mn infrastructure project with a
Saudi state-owned company in the eastern region of in Saudi
Arabia. Work on all projects is expected to commence within
January 2015. (GulfBase.com)
 GCC's aluminium production rose 31% in 2014 – According
to Gulf Aluminium Council’s (GAC) Secretary General,
Mahmood Daylami, aluminum production in the GCC region
rose 31% to 4,928,143 tons in 2014 as compared to 3,748,616
tons in 2013. Collectively, the five aluminum companies –
Emirates Global Aluminium (EGA), Aluminium Bahrain (Alba),
Saudi Arabian Mining Company (Ma'aden), Qatalum and Sohar
Aluminium made up for 4,928,143 tons of primary aluminum
produced in 2014. The main increase has come from Ma'aden
Aluminium, the Saudi Arabian startup which was successfully
ramped up during 2014, while the Emal Phase II project was
completed before the target date. GCC aluminum production
constitutes 10% of the total world production currently.
(GulfBase.com)
 Agility EMLI: GCC drives emerging markets business
optimism – According to the 2015 Agility Emerging Markets
Logistics Index (EMLI), dynamism in the GCC countries and the
large, next-tier economies of Indonesia, Nigeria, Bangladesh,
Mexico and Pakistan is offsetting mixed performance among the
BRICS countries that powered the emerging market growth in
recent years. Sidelining the large BRICS nations, Saudi Arabia
has climbed to the second place in the 2015 EMLI Index,
ranking behind China. Other Gulf states such as the UAE, Qatar
and Oman, ranked high for having the best market compatibility
– the most ideal business conditions – among the 45 countries
in the index. They were followed by Uruguay, Saudi Arabia and
Morocco. The UAE, Malaysia, China, Oman, Saudi Arabia and
Chile led in connectivity, indicating they have the best
infrastructure and transport links among emerging economies.
(GulfBase.com)
 Saudi Telecom appoints CEO – The Saudi Telecom
Company’s board of directors has appointed Dr. Khalid bin
Hussain Biyari as CEO of STC effective from 27 April 2015. He
currently serves as the Senior Vice President for Technology &
Operations in the Saudi Telecom Company. (Tadawul)
 RSH recommends SR60mn dividend for FY2014 – Red Sea
Housing Services Company (RSH) has recommended the
distribution of 10% dividend (SR1 per share), amounting to
SR60mn for FY2014. Entitlement for the dividends will be for
shareholders registered on Tadawul Securities Depository
Center as of the close of trading on the general assembly
meeting day, which will be announced later. (Tadawul)
 JODI: KSA oil exports rises to seven-month high –
According to data released by the Joint Organisations Data
Initiative (JODI), Saudi Arabia's oil exports rose to a seven-
month high in November 2014. The Kingdom has led the OPEC
to keep its production unchanged even as the largest crude
shipper fought to keep its market share with output rising from
the US and Russia. Kingdom’s oil exports rose to 7.3mn barrels
per day (bpd) in November 2014 from 6.9mn bpd in October
2014, while production dropped to 9.61mn bpd from 9.69mn
bpd. Crude stockpiles at the end of November stood at 305.8mn
barrels, the highest level since 2002. (GulfBase.com)
 Saudi economy can withstand low oil prices for 8 years –
Saudi Arabia’s Minister of Petroleum's former senior adviser,
Mohammed Al-Sabban said that the Kingdom’s policy was to
defend its current market share by enduring low prices. He said
that the Kingdom can sustain these low oil prices for at least
eight years, since it has huge financial reserves of about SR3tn
and is now embarking on rationalizing its expenditure, trying to
take all the fat out of the budget. He further added that without
cuts in spending on infrastructure, Saudi Arabia can withstand
low oil prices for at least four years, suggesting that lower oil
prices could have long-term benefits for Saudi Arabia.
(GulfBase.com)
 Alkhabeer Capital signs strategic deal with Alareen Holding
– Alkhabeer Capital has signed a strategic agreement with
Alareen Holding Company. Alareen, through this agreement, is
hoping to capitalize on Alkhabeer’s investment expertise within
the local real estate sector. Both companies seek to take
advantage of the Saudi Arabian real estate market, which is
poised for significant growth in the years ahead, driven by
supply shortages and strong demand across major cities.
(GulfBase.com)
 KSA delays $109bn solar plant by 8 years – Saudi Arabia is
delaying its target to complete its clean-energy program,
including spending $109bn on solar power over eight years,
saying it needs more time to assess what technologies it will
use. The project was originally intended to produce a third of
Kingdom’s electricity from solar panels by 2032 and more power
from wind, geothermal and nuclear reactors. The aim was to
save more crude oil for export. (Bloomberg)
 Takween ends MoU with Magna Steyr – Takween Advanced
Industries (Takween) announced that it has completed all the
necessary studies without reaching any agreement for potential
cooperation with Magna Steyr Company. Therefore, the MoU
has been ended as of January 20, 2015 without any liability on
Takween. (Tadawul)
 Al Othaim partners to establish Mueen Recruitment
Company – Abdullah Al Othaim Markets Company (Al Othaim)
has signed an agreement to participate with other partners to
establish Mueen Recruitment Company, a Saudi-based closed
joint stock company located in Riyadh City. The company will be
engaged in manpower recruitment activities and provide
household workers for both public and private sectors. The
company’s paid-up capital would be SR100mn. Abdullah Al
Othaim’s share would be 88% of the share capital and it will be
financed from its own resources. (Tadawul)
 Ma’aden BoD recommends no dividend for FY2014 – The
Saudi Arabian Mining Company’s (Ma’aden) board of directors
has decided not to recommend distributing any dividend for
FY2014, since the company is still in the process of developing
and financing its major projects. (Tadawul)
 Buruj Cooperative’s capital rise EGM not convened – Buruj
Cooperative Insurance Company announced that its
extraordinary general assembly meeting (EGM) for approving its
capital increase was not convened due to the lack of quorum.
The company will determine the EGM later after obtaining the
regulatory approvals. (Tadawul)
 UAE’s credit rating confirmed by CI – Capital Intelligence (CI)
has affirmed the United Arab Emirates' long-term foreign & local
currency sovereign ratings of 'AA-' and its short-term foreign &
local currency sovereign ratings of 'A1+'. The outlook for the
ratings is 'Stable'. CI has indicated that the factors behind the
UAE’s ratings include the overall strength of the country's public
and external finances and the resultant capacity to absorb
economic shocks; moderate levels of public debt; and generally
favorable macroeconomic performance. (GulfBase.com)
 UAE CB: Credit demand to rise in 1Q2015 – According to a
survey by the UAE Central Bank (UAE CB), appetite for credit in
the UAE has eased from the very high levels seen in early 2014,
but remains strong and is expected to accelerate in 1Q2015.

6. Page 6 of 7
The net balance measure for business credit demand – the
weighted percentage of respondents reporting higher demand
for loans minus the percentage reporting lower demand fell to
29.6 in 4Q2014 from 33.6 in 3Q2014, because of slower growth
in Abu Dhabi and the northern Emirates. However, two-thirds of
respondents expected demand for business credit to accelerate
in the current quarter, with growth in Dubai likely to be the
strongest. The demand growth for loans in construction and
property development slowed in 4Q2014 and although it is now
expected to pick up, it will be considerably lower than rates in
the first three quarters of 2014. (GulfBase.com)
 Meydan Dubai’s AED3bn project set for 4Q2017 handover –
Meydan Dubai, a luxurious integrated racing, business and
lifestyle hub, will witness the development of Millennium Square,
a unique semi-detached freehold luxury villa project in Dubai.
The project, to be developed by G&Co at an estimated value of
AED3bn, is exclusively sold by SPF Realty. The project will be
handed over in the last quarter of 2017. (GulfBase.com)
 DLD: Real estate transactions reach AED109bn – The Dubai
Land Department (DLD) said the sum of real estate investment
transactions for 2014 exceeded AED109bn, through 41,715
investors. DLD’s investment report revealed that citizens of GCC
states contributed AED32bn from 7,186 investors in 2014. The
total value of non-Arab investment in the Dubai real estate
market for 2014 amounted to more than AED64bn through
29,098 transactions. DLD’s Director General, Butti bin Mejren
said this reflects the attractiveness of the Dubai real estate
market, specifically since the market was able to attract this
amount of investors from around the world in one year.
(GulfBase.com)
 Tabreed renews major district cooling deal with Aldar –
National Central Cooling Company (Tabreed) has announced
the renewal of its district cooling agreement with Aldar
Properties (Aldar). The renewed agreement has duration of 30
years, and sets the framework for additional connections to
future projects. Tabreed currently has six plants with a total
capacity of approximately 160,000 tons that deliver cooling to
some of Aldar’s landmark projects including Yas Island, the
World Trade Centre in Abu Dhabi. (GulfBase.com)
 ADCB appoints UK Country Head – Abu Dhabi Commercial
Bank (ADCB) has appointed David Manson as the Country
Head, UK and Head of the Representative Office in London. The
announcement marks ADCB’s ambitious stride toward building
its international presence and supporting the deep financial
linkages between UK and the UAE. (Bloomberg)
 NBK posts 46% rise in 4Q2014 net profit – The National Bank
of Kuwait (NBK) reported a net profit of KD57.9mn in 4Q2014 as
compared to KD39.6mn in 4Q2013, representing a YoY
increase of 46.4%. Net profit for 2014 stood at KD261.8mn as
compared to KD238.1mn in 2013. NBK's 4Q2014 earnings were
boosted by a 2.8% rise in net interest income to KD103.8mn in
4Q2013. Net fees & commission income reached KD30.7mn, up
12.5%. The bank’s board has recommended a cash dividend of
30 fils per share and 5% bonus shares for 2014, which is in line
with the dividend paid out for 2013. (GulfBase.com, Reuters)
 Al Jenaibi achieves best-ever annual sales in 2014 – Al
Jenaibi International Automobiles has achieved its best-ever
annual sales result with a 38% YoY increase in sales during
2014. Oman was the second biggest growth market for BMW
Group in the Middle East. The company has the largest
infrastructure for sales and service in Oman and it has plans to
expand its facilities to include a new showroom and after-sales
facility for further improvements to customer service.
(GulfBase.com)
 SMN Power appoints CFO – SMN Power Holding’s board of
directors has appointed Olivier Tabone as the company’s CFO
in replacement of Frederic Halkin effective from January 20,
2015. (MSM)
 SPS updates on container business – Salalah Port Services
(SPS) announced that it is in discussion with one of its important
container business client to finalize the business terms for 2015
as part of its commercial strategy. The client has indicated that
their share of transshipment business through the Port of
Salalah is likely to drop significantly. The port management is
exploring other available options that can mitigate the impact.
(MSM)
 CBB’s Sukuk Al-Salam Securities oversubscribed – The
Central Bank of Bahrain (CBB) announced that its monthly issue
of Sukuk Al-Salam Islamic securities floated to raise BHD36mn,
has received subscription to the tune of 235%. The expected
return on the issue, which matures on April 22, 2014, is 0.72%.
These securities are issued by the CBB on behalf of the Bahrain
government. (GulfBase.com)
 GVC acquires 8.3% stake in GWM – Bahrain-based Gulf
Ventures Corporation (GVC) has acquired an 8.3% stake in
London-based Gulf Wealth Management Ltd (GWM). GWM
plans to set up a wealth management e-commerce platform
regulated either by the QFC Regulatory Authority in Qatar or by
the Dubai Financial Services Authority at DIFC. GWM’s
objective is to link the high net worth, affluent and mass affluent
individuals in the GCC region with international institutional
asset managers. (GulfBase.com)
 Major Saudi-Bahrain pipeline contract in 2Q2015 – Bahrain
Petroleum Company’s (Bapco) General Manager for major
engineering projects, Abdul Jabbar Abdul Karim said that the
first construction contracts for a new crude oil pipeline between
Saudi Arabia and Bahrain are expected to be awarded by
2Q2015. A new 30-inch diameter, 115km-long pipeline running
onshore for 74 kilometers with the remaining 42km going sub-
sea, is proposed to be built to replace the current aging pipeline.
(GulfBase.com)

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
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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
Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
QSE Index S&P Pan Arab S&P GCC
0.0%
(0.2%)
0.3% 0.3%
(0.0%)
(0.9%)
(0.4%)
(1.2%)
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,295.40 1.5 1.2 9.3 MSCI World Index 1,685.27 0.2 0.6 (1.4)
Silver/Ounce 18.00 1.7 1.1 14.6 DJ Industrial 17,515.23 0.0 0.0 (1.7)
Crude Oil (Brent)/Barrel (FM
Future)
47.99 (1.7) (4.3) (16.3) S&P 500 2,022.55 0.2 0.2 (1.8)
Crude Oil (WTI)/Barrel (FM
Future)
46.39 (4.7) (4.7) (12.9) NASDAQ 100 4,654.85 0.4 0.4 (1.7)
Natural Gas (Henry
Hub)/MMBtu
2.92 (5.4) (5.4) (2.4) STOXX 600 355.96 0.3 1.0 (0.8)
LPG Propane (Arab Gulf)/Ton 48.75 0.5 0.5 (0.5) DAX 10,257.13 (0.4) 0.9 (0.6)
LPG Butane (Arab Gulf)/Ton 68.75 (3.2) (3.2) 9.6 FTSE 100 6,620.10 0.6 1.1 (2.0)
Euro 1.16 (0.5) (0.1) (4.5) CAC 40 4,446.02 0.6 1.5 (0.7)
Yen 118.82 1.1 1.1 (0.8) Nikkei 17,366.30 1.1 2.0 0.2
GBP 1.51 0.2 (0.0) (2.8) MSCI EM 957.28 0.5 (0.0) 0.1
CHF 1.14 0.4 (2.0) 13.5 SHANGHAI SE Composite 3,173.05 1.9 (6.0) (2.0)
AUD 0.82 (0.5) (0.6) (0.0) HANG SENG 23,951.16 0.9 (0.6) 1.5
USD Index 93.05 0.6 0.6 3.1 BSE SENSEX 28,784.67 1.7 2.1 7.2
RUB 65.24 0.6 (0.1) 7.4 Bovespa 47,876.66 1.2 (2.2) (3.1)
BRL 0.38 1.5 0.3 1.4 RTS 756.27 (1.3) (1.8) (4.4)
170.5
132.7
122.2