The QSE Index in Qatar rose 3.3% led by gains in the Real Estate and Insurance indices. Barwa Real Estate and Medicare Group saw the largest gains of 10% each. Regional markets were mixed with indexes in Saudi Arabia, Kuwait, Oman and Qatar rising, while Abu Dhabi and Bahrain fell. Volume on the QSE fell from the previous day but was above the 30-day average. Non-Qatari investors were net buyers while Qatari investors were net sellers. Other news mentioned a potential rights issue by GWCS to raise capital and CI affirming credit ratings for Ahli Bank.

1. Page 1 of 5
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 3.3% to close at 12,421.2. Gains were led by the Real
Estate and Insurance indices, rising 5.0% each. Top gainers were Barwa Real
Estate Co. and Medicare Group, rising 10.0% each. Among the top losers,
Islamic Holding Group declined 10.0%, while Zad Holding Co. was down 3.0%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.3% to close at 8,546.9. Gains were led
by the Hotel & Tou. and Insurance indices, rising 4.6% and 4.4%, respectively.
Walaa Insurance and Saudi Arabian Coop Ins. were up 10.0% each.
Dubai: The DFM Index gained 2.3% to close at 3,851.9. The Financial
Services and Invest. index rose 8.4%, while the Services index was up 5.7%.
Deyaar Development gained 11.3%, while Union Properties was up 11.1%.
Abu Dhabi: The ADX benchmark index fell 0.8% to close at 4,478.5. The
Banks index declined 2.0%, while the Investment & Financial Services index
fell 1.0%. Foodco Holding fell 9.8%, while Union Cement Co. was down 7.2%.
Kuwait: The KSE Index rose 1.1% to close at 6,503.0. The Technology index
gained 4.7%, while the Telecommunication index was up 2.8%. Investors
Holding Group rose 10.6%, while Contracting & Marine Services was up 7.8%.
Oman: The MSM Index rose 3.7% to close at 6,219.3. Gains were led by the
Financial and Industrial indices, rising 3.6% and 2.1%, respectively. Raysut
Cement rose 9.9%, while Oman Flour Mills was up 9.7%.
Bahrain: The BHB Index declined 0.3% to close at 1,405.8. The Investment
index fell 0.9%, while the Commercial Bank index declined 0.1%. Al Baraka
Banking Group fell 5.9%, while Al-Ahli United Bank was down 0.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 42.95 10.0 2,769.3 44.1
Medicare Group 113.70 10.0 110.4 116.6
Gulf International Services 96.10 10.0 1,387.7 96.9
Qatar Islamic Insurance Co. 77.70 9.4 144.6 34.2
Qatari Investors Group 41.70 7.5 69.9 (4.6)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 15.15 3.4 4,205.8 (10.9)
Mazaya Qatar Real Estate Dev. 18.20 2.4 3,584.5 62.8
Vodafone Qatar 16.00 3.9 3,082.7 49.4
Barwa Real Estate Co. 42.95 10.0 2,769.3 44.1
Gulf International Services 96.10 10.0 1,387.7 96.9
Market Indicators 22 Dec 14 21 Dec 14 %Chg.
Value Traded (QR mn) 1,004.5 1,260.0 (20.3)
Exch. Market Cap. (QR mn) 677,817.4 661,665.3 2.4
Volume (mn) 24.7 26.1 (5.3)
Number of Transactions 10,931 9,437 15.8
Companies Traded 43 43 0.0
Market Breadth 32:9 41:1 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,526.14 3.3 11.1 24.9 N/A
All Share Index 3,153.65 2.8 10.6 21.9 15.0
Banks 3,267.32 2.9 8.2 33.7 15.2
Industrials 4,004.78 2.2 11.0 14.4 13.9
Transportation 2,227.14 0.6 9.7 19.8 13.1
Real Estate 2,274.49 5.0 15.5 16.5 19.9
Insurance 3,833.50 5.0 14.4 64.1 11.7
Telecoms 1,430.93 1.7 11.9 (1.6) 19.8
Consumer 6,775.91 1.5 11.5 13.9 27.2
Al Rayan Islamic Index 4,100.29 4.2 13.9 35.0 17.1
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Hotels Abu Dhabi 3.75 13.6 6,050.0 21.0
Deyaar Development Dubai 0.86 11.3 103,566.7 (15.0)
Drake & Scull Int. Dubai 0.96 10.6 35,219.9 (33.5)
Dubai Financial Market Dubai 2.08 10.1 40,740.7 (15.8)
Barwa Real Estate Co. Qatar 42.95 10.0 2,769.3 44.1
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Albaraka Banking Gr. Bahrain 0.80 (5.9) 14.0 12.8
Abu Dhabi Com. Bank Abu Dhabi 7.10 (5.3) 1,314.3 9.2
IFA Hotels & Resorts Kuwait 0.20 (3.9) 6.1 (30.5)
First Gulf Bank Abu Dhabi 16.50 (2.9) 3,757.8 14.1
Yanbu Nat. Petrochem. Saudi Arabia 49.39 (2.7) 1,234.4 (33.0)
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%
Islamic Holding Group 121.00 (10.0) 285.2 163.0
Zad Holding Co. 80.50 (3.0) 3.8 15.8
Qatar German Co for Med. Dev. 9.70 (2.7) 137.4 (30.0)
Commercial Bank of Qatar 66.60 (1.9) 428.5 12.9
Aamal Co. 11.35 (1.4) 375.3 (24.3)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 96.10 10.0 130,341.9 96.9
Barwa Real Estate Co. 42.95 10.0 113,691.4 44.1
Qatar Islamic Bank 103.70 7.5 70,073.5 50.3
Mazaya Qatar Real Estate Dev. 18.20 2.4 64,579.3 62.8
Ezdan Holding Group 15.15 3.4 63,338.3 (10.9)
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* 12,421.22 3.3 11.1 (2.7) 19.7 275.84 186,128.7 16.0 2.0 3.8
Dubai 3,851.87 2.3 12.4 (10.0) 14.3 362.93 90,034.6 11.1 1.4 5.2
Abu Dhabi 4,478.48 (0.8) 2.6 (4.2) 4.4 132.91 123,835.6 12.1 1.5 3.7
Saudi Arabia 8,546.88 0.3 2.7 (0.9) 0.1 2,304.77 500,915.5 16.2 2.1 3.2
Kuwait 6,502.98 1.1 4.4 (3.7) (13.9) 140.97 100,223.1 16.7 1.1 3.9
Oman 6,219.28 3.7 9.4 (4.4) (9.0) 31.40 23,958.1 8.7 1.4 4.6
Bahrain 1,405.78 (0.3) 1.1 (1.6) 12.6 0.40 53,632.7 10.2 0.9 4.8
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,800
12,000
12,200
12,400
12,600
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 5
Qatar Market Commentary
 The QSE Index rose 3.3% to close at 12,421.2. The Real Estate
and Insurance indices led the gains. The index rose on the back
of buying support from non-Qatari shareholders despite selling
pressure from Qatari shareholders.
 Barwa Real Estate Co. and Medicare Group were the top
gainers, rising 10.0% each. Among the top losers, Islamic
Holding Group declined 10.0%, while Zad Holding Co. was down
3.0%.
 Volume of shares traded on Monday fell by 5.3% to 24.7mn from
26.1mn on Sunday. However, as compared to the 30-day
moving average of 14.0mn, volume for the day was 76.2%
higher. Ezdan Holding Group and Mazaya Qatar Real Estate
Development were the most active stocks, contributing 17.0%
and 14.5% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Ahli Bank (ABQK)
Capital
Intelligence
Qatar
LT FCR/ST
FCR/SR
A/A2/1 A/A2/1 – Stable –
Arab Insurance
Group (ARIG)
A.M. Best Bahrain FSR/ICR B++/bbb+ B++/bbb+ – Positive –
Mumtalakat
Holding Co.
(Mumtalakat)
S&P Bahrain
LT FC ICR/ST FC
ICR/LT LC ICR
R/ST LC ICR
BBB/A-2/ BBB/A-
2
BBB/A-2/
BBB/A-2
– Negative 
Gulf International
Bank (GIB)
S&P Bahrain LT CCR/ST CCR BBB+/A-2 BBB+/A-2 – Positive –
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,
FC – Foreign Currency, LC – Local Currency, ICR – Issuer Credit Rating, CCR – Counterparty Credit Rating)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
12/22 US Nat. Assoc. of Realtors Existing Home Sales November 4.93M 5.20M 5.25M
12/22 US Nat. Assoc. of Realtors Existing Home Sales MoM November -6.10% -1.10% 1.40%
12/22 EU European Commission Consumer Confidence December -10.9 -11.0 -11.5
12/22 France Ministry of Economy 6M T-Bill Amount Sold 22-December €1,595M – €1,394M
12/22 France Ministry of Economy 6M T-Bill Average Yield 22-December -0.04% – -0.01%
12/22 France Ministry of Economy 6M T-Bill Bid/Cover Ratio 22-December 3.1 – 4.1
12/22 France Ministry of Economy 12M T-Bill Amount Sold 22-December €1,170M – €1,550M
12/22 France Ministry of Economy 12M T-Bill Average Yield 22-December -0.03% – -0.01%
12/22 France Ministry of Economy 12M T-Bill Bid/Cover Ratio 22-December 3.1 – 3.7
12/22 Germany Federal Statistical Off Import Price Index MoM November -0.80% -0.70% -0.30%
12/22 Germany Federal Statistical Off Import Price Index YoY November -2.10% -1.90% -1.20%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 GWCS looks to raise QR476mn through rights issue – Gulf
Warehousing Company (GWCS) is seeking to raise as much as
QR476mn through a rights issue. The company is planning to
issue 11.89mn shares or 25% of its current capital at QR40
(including the premium) each in order to further reinforce its
capital base in view of the fast paced development works across
the country. The company will convene an extraordinary general
assembly meeting early in 2015 to seek shareholder approval
for the ‘priority’ issue of shares. The price of shares has been
set based on studies conducted by the company’s consultants
Ernst & Young. GWCS is the second entity to raise capital
through a rights issue in 2014. Earlier in July, Doha Insurance
had raised as much as QR436.68mn by offering 24.26mn
shares at QR18 a piece. (Gulf-Times.com)
 CI affirms ABQK ratings – Capital Intelligence (CI), the
international credit rating agency, has affirmed Ahli Bank’s
(ABQK) long and short-term foreign currency ratings at A and
A2, respectively. The agency also maintained the Support Level
of '1' in view of the extremely high likelihood of support from the
bank's strong government shareholders, as well as from official
sources in case of any need. (CI)
 Oryx Industries signs pact with Al Hodaifi Rocks – Oryx
Industries, a major producer of construction materials based in
Fujairah, has signed a new takeoff agreement with Qatar-based
Al Hodaifi Rocks for the import, transport, storage and delivery
of building materials. Under the terms of the agreement, Oryx
Industries will supply Al Hodaifi Rocks with 2.6mn tons of quarry
products over the course of one year commencing at the
signature date. The building materials will be delivered to Qatar
through the Port of Fujairah. (Peninsula Qatar)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 60.04% 65.92% (59,108,411.49)
Non-Qatari 39.96% 34.07% 59,108,411.49

3. Page 3 of 5
 NBK: Non-hydrocarbon sector spurs Qatar’s growth – The
National Bank of Kuwait (NBK), in its December 2014 Chartbook
on Qatar’s macro economy, said that Qatar’s dynamic non-
hydrocarbon sector is increasingly driving the country’s
economy. Qatar’s real GDP growth rate rose to 5.7% YoY in
2Q2014 on the back of double-digit acceleration in non-
hydrocarbon sector activity. Qatar’s gross investments have
reached around 30% of the GDP, as the government proceeds
with rolling out its development plans. The country awarded
contracts worth $26bn in 2014-YTD as rollout of rail, road and
public works projects picks up speed. Qatar’s oil production has
declined in recent months due to conservative management of
maturing oilfields. The NBK chart suggests headline inflation is
rising gradually, driven by increasing rents, but food price
inflation remains muted. Real estate prices are up by 42% YoY
in September in the context of burgeoning demand and limited
supply. The population rate tops 2.27mn, growing by 9.7% YoY
in November on rising expatriate inflows. (Peninsula Qatar)
 Airbus delivers first A350 to QA – Airbus has delivered its first
A350 mid-sized jetliner to Qatar Airways (QA) on December 22,
2014 and moved to end speculation about the future of its larger
A380 superjumbo. Airbus said it was on course to reach its
production goals for the A350, a mid-sized jet designed to
compete with the twin-engine Boeing 787 and 777 models.
(Reuters)
 ARTIC acquires Boscolo Aleph Hotel in Rome – Al Rayyan
Tourism and Investment Company (ARTIC), the international
hospitality subsidiary of Al Faisal Holding Company, has
announced its acquisition of the five-star Boscolo Aleph Hotel in
Rome, Italy. The Boscolo Aleph Hotel is ARTIC’s latest luxury
hotel acquisition, thus growing its portfolio to 24 premium
properties across Europe, the Middle East, Africa and North
America, in line with its expansion strategy focused on high
quality assets in prime city center and resort locations.
(Peninsula Qatar)
 Lulu Group opens latest hypermarket in Doha – The Lulu
Group opened its latest hypermarket, the sixth Lulu outlet, at
Barwa City in Doha, taking the total number of Lulu outlets
across the world to 111. The 200,000 square feet hypermarket
showcases a fresh food section comprising fruits, vegetables,
dairy products, meat, fish and hot & cold ready-to-eat food.
(Gulf-Times.com)
International
 Housing in uneven recovery as home sales decrease in the
US – Sales of previously owned US homes slumped in
November from a one-year high, underscoring the uneven
nature of the current recovery in residential real estate that has
been one of its defining characteristics. The National
Association of Realtors said purchases fell 6.1% to a 4.93mn
annual rate in November, the weakest reading since May, from
a 5.25mn pace in October. The group said demand dropped in
all regions of the country, suggesting anomalies such as bad
weather were not at play. Scant inventory and slow return of
first-time buyers after the worst recession in the post-World War
II era are working to counteract ultra-low mortgage rates. The
group further added that a strengthening labor market will be
needed to boost the growth in the industry as the Federal
Reserve considers raising benchmark interest rates in 2015.
(Bloomberg)
 IMF says drop in oil prices to persist, help global growth –
Two senior IMF economists said the recent drop in oil prices
should persist, helping to boost the global economic activity by
up to 0.7 percentage points in 2015. Brent prices have fallen
more than 46% since the June 2014 peak of above $115 per
barrel, sped up by OPEC’s November decision not to reduce
production. Saudi Arabian oil minister said the Kingdom has also
convinced its fellow OPEC members it is not in the group's
interest to cut oil output, however far prices may fall. The boost
to the global economy would be between 0.3 and 0.7
percentage points above the Fund's baseline world growth
forecast of 3.8% from October. Lower oil prices should boost
China's GDP growth by 0.4 to 0.7 percentage points above the
Fund's 7.1% baseline estimate, assuming steady policies. In
2016, it could mean an extra 0.5 to 0.9 percentage points of
growth. For the US, the GDP boost would be 0.2 to 0.5
percentage points above the Fund's baseline estimate of 3.1%
for 2015. In 2016, it could add 0.3 to 0.6 percentage points to
growth. (Reuters)
 BoE: UK banks must do more than stress tests to regain
confidence – The Bank of England (BoE) said banks in the UK
need to do more than pass health checks on their ability to
withstand financial shocks, urging boards to improve the way
their companies are run. The BoE also said that top bankers and
other senior executives in the financial services industry needed
to get more involved in preventing the risk of cyber-attack. The
BoE said Britain's biggest lenders, with the exception of the Co-
operative Bank, had passed the so-called stress tests of how
well prepared they were for potentially extreme financial
scenarios. On December 22, the minutes of the most recent
meeting of the bank's Financial Policy Committee showed policy
makers wanted banks to face the challenges of changing rules
for the sector. (Reuters)
 Eurozone consumer confidence rises in December – A flash
estimate from the European Commission showed Eurozone
consumer confidence edged 0.6 points higher in December. The
Commission said that consumer confidence in the Eurozone
rose to minus 10.9 from a revised minus 11.5 in November.
Economists polled by Reuters had predicted an average value
of minus 11.0. (Reuters)
 PBoC: More bankers think economy cooled in 4Q2014 –
According to a central bank survey, the number of Chinese
bankers who believe the country's economy is cooling increased
in 4Q2014 from 3Q2014, and a confidence index of bankers
dropped. The People's Bank of China’s (PBoC) survey showed
48.8% of bankers believed the economy was cooling, a rise from
42.8% in 3Q2014. PBoC said a confidence index of bankers it
uses fell to 52.5% in 4Q2014 from 59.1% in 3Q2014. The PBoC
also stated that the survey, which involved 3,100 institutions,
showed that in 4Q2014, the number of bankers who believe
monetary is "appropriate" increased from 3Q2014. The survey
also showed the confidence index of Chinese enterprises dipped
to 61% in 4Q2014 from 63.6% in 3Q2014. (Reuters)
 Ruble swap shows China challenging IMF as emergency
lender – China is stepping up its role as the lender of last resort
to some of the world’s most financially strapped countries.
Chinese officials signaled that they are willing to expand a
$24bn currency swap program to help Russia weather the worst
economic crisis since the 1998 default. China has provided
$2.3bn in funds to Argentina since October as part of a currency
swap, and last month it lent $4bn to Venezuela, whose reserves
cover just two years of debt payments. By lending to nations
shut out of overseas capital markets, Chinese President Xi
Jinping is bolstering the country’s influence in the global
economy and cutting into the International Monetary Fund’s
(IMF) status as the go-to financier for governments in financial
distress. While the IMF tends to demand reforms aimed at
stabilizing a country’s economy in exchange for loans, analysts
speculate that China’s terms are more focused on securing its
interests in the resource-rich countries. (Bloomberg)

4. Page 4 of 5
Regional
 Abraaj Group exits Moulin d’Or – Abraaj Group has
successfully exited its investment, through one of its funds, in
Moulin d’Or, a Tunisia-based producer of baked goods.
(GulfBase.com)
 Jet Airways raises $150mn loan from Gulf lenders – India-
based Jet Airways has concluded a five-year syndicated loan
facility of $150mn. The loan facility was fully subscribed to by
banks spread across the Middle East region. Mashreq Bank was
the sole initial mandated lead arranger and book runner for the
transaction, while the lending banks include Dubai, Abu Dhabi,
Bahrain and Doha-based financial institutions. Alpen Capital
acted as financial advisors to Jet Airways for the transaction.
(Bloomberg)
 Saudi Arabia ready to raise output if new clients emerge –
Saudi Arabian oil minister Ali al-Naimi said that Saudi Arabia is
prepared to increase its oil output and claim a bigger market
share to meet the demands of any new customers. The remark
was one of the strongest signals yet that the world's top oil
exporter has no intention of cutting output in the face of sliding
oil prices, and is instead willing to use its low cost of production
to win market share from non-OPEC competitors, which it
blames for the price collapse. (Reuters)
 SAMA: Saudi foreign asset growth sharply slow down in
2014 – According to the Saudi Arabian Monetary Agency
(SAMA), Saudi Arabia’s foreign assets recorded a sharp
slowdown in growth in 2014 as a result of higher state spending
and a steep decline in oil prices. The assets controlled by
SAMA, the Kingdom’s central bank, grew by around 3.3% to
nearly SR2.83tn at the end of October 2014 from SR2.73tn at
the end of 2013. The growth in 2014 was a fraction of the rate
recorded in the previous three years, when oil prices were at
their highest levels and Saudi Arabia’s crude output largely
exceeded 9mn barrels per day, one of its highest levels. At the
end of 2013, SAMA’s assets surged by around SR258bn or
about 10.2% while they recorded growth of more than 20%
annually over the previous two years. In contrast with the
previous years, the sharp fall in oil prices over the past few
months caused persistent fluctuations in SAMA’s assets through
2014. (GulfBase.com)
 Saudi plans to spend $91bn to spur petrochemical sector –
According to sources, Saudi Arabia has earmarked $91bn to be
spent over the next 10 years to build new petrochemicals plants
and expand existing ones as well as integrate refineries with
petrochemical units. Saudi Arabia has created lucrative
business opportunities in its plastic and petrochemical industries
to sustain this expansion. The Kingdom has experienced robust
growth in its economy in recent years with a growth of around
4% anticipated for the financial year 2014-2015. The country
has diversified its business interests to various other sectors in a
bid to lessen its reliance on an oil-based economy. However, the
Kingdom is determined to maintain its leading position as one of
the largest producers of petrochemicals and is aiming to achieve
a production capacity of over 100mn tons per annum by 2015. It
is the only GCC state to allow private investment in the
petrochemical sector with several incentives such as affordable
energy, low-cost raw materials, and advanced industrial
infrastructure, especially in Yanbu. This has led the growth in
Saudi Arabia’s plastics and petrochemicals from less than
$0.5bn in 1985 to $22bn in 2011. (GulfBase.com)
 Emirates REIT proposes $11.98mn dividend for 2014 –
Emirates REIT (CEIC) Limited has proposed to pay an interim
dividend of $11.98mn or $0.04 per share for 2014 to the
shareholders registered as on January 21, 2015. This is the first
dividend payment for 2014, as Emirates REIT intends to
distribute a dividend to its shareholders twice a year. It aims to
distribute the second dividend in June 2015. The proposed
interim dividend will be subject to shareholder approval at the
REIT’s upcoming General Meeting on January 26, 2015.
(Bloomberg)
 The H Holding Enterprise: UAE rapidly rising in the global
property industry – According to The H Holding Enterprise, the
UAE is rising rapidly in the global property industry, with $1tn in
built assets, which is nearly 48% of Netherlands ($2.09tn) and
122% higher than Singapore ($0.82tn). The study was based on
the findings of the Global Built Asset Wealth Index, which
quantifies the accumulated wealth of 30 countries’ built assets
and was conducted by EC Harris in conjunction with the Centre
for Economic and Business Research. H Holding aims to benefit
from this scenario by offering a suite of real estate services,
including development, trade, constructions, facility
management among others. (GulfBase.com)
 Emaar’s Dubai real estate head to leave by 2014-end –
Emaar Properties announced that Robert Booth, the head of its
Dubai real estate business would leave the firm by 2014-end.
(GulfBase.com)
 DAC begins construction of new facility in Kizad – Abu
Dhabi Ports Company (ADPC) announced that Ducab
Aluminium Company (DAC) has begun construction of its new
aluminum rod and conductor facility at Kizad, which is set to
open in 4Q2015 with a total investment of AED220mn. The new
plant, to be built on a land of 50,732 square meters, will
manufacture Electrical Conductive (EC) grade aluminum alloy
rods, wires, and bare overhead conductors. (GulfBase.com)
 Takaful Emarat gets shareholders’ nod for capital hike –
Takaful Emarat Insurance has received the shareholders’ nod
for raising the company’s share capital by AED100mn to
AED200mn by offering new shares to current shareholders, at
the extraordinary general meeting held on December 22, 2014.
(DFM)
 Alba installs new compressor to boost energy efficiency –
Aluminium Bahrain (Alba) has installed a new air compressor to
its existing fleet in the utilities wing of the power and utilities
department to boost its energy efficiency in aluminum
production. The installation is in line with Alba's commitment to
efficiency even as it continually endeavors to upgrade its
systems to ensure enhanced productivity. (GulfBase.com)
 Mumtalakat seeks to expand portfolio – Bahrain-based
sovereign wealth fund Mumtalakat’s CEO, Mahmood Al Kooheji
said that the fund expects next year to be positive for the GCC
region, Bahrain as well as the company, which aims to build on
the continuing good performance of its portfolio companies. He
added that the fund continues to adopt a prudent approach
toward new investments and is constantly monitoring its assets
and will consider new investments to expand its portfolio and
monetize initiatives if and when appropriate. He said
Mumtalakat's investment strategy is focused on sustainable
growth as well as expanding and diversifying its portfolio.
(GulfBase.com)
 Bahrain Bourse completes delisting of UFC shares –
Bahrain Bourse has informed shareholders that the delisting of
United Finance Company’s (UFC) shares has been completed.
The shares stand delisted with effect from December 21, 2014
and those shares listed earlier on the Bahrain Bourse can be
traded on the MSM. (Bahrain Bourse)

5. 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,
expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical
technical data (price and volume). QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment
decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in part without permission from QNBFS
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 5 of 5
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
Nov-10 Nov-11 Nov-12 Nov-13 Nov-14
QSE Index S&P Pan Arab S&P GCC
0.3%
3.3%
1.1%
(0.3%)
3.7%
(0.8%)
2.3%
(1.6%)
(0.8%)
0.0%
0.8%
1.6%
2.4%
3.2%
4.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,176.45 (1.7) (1.7) (2.4) MSCI World Index 1,723.26 0.4 0.4 3.7
Silver/Ounce 15.68 (2.5) (2.5) (19.5) DJ Industrial 17,959.44 0.9 0.9 8.3
Crude Oil (Brent)/Barrel (FM
Future)
60.11 (2.1) (2.1) (45.7) S&P 500 2,078.54 0.4 0.4 12.5
Crude Oil (WTI)/Barrel (FM
Future)
55.26 (2.2) (2.2) (43.9) NASDAQ 100 4,781.42 0.3 0.3 14.5
Natural Gas (Henry
Hub)/MMBtu
3.04 (11.7) (11.7) (30.1) STOXX 600 341.97 0.6 0.6 (7.4)
LPG Propane (Arab Gulf)/Ton 55.75 (1.3) (1.3) (55.9) DAX 9,865.76 0.9 0.9 (8.3)
LPG Butane (Arab Gulf)/Ton 67.25 (2.2) (2.2) (50.5) FTSE 100 6,576.74 0.4 0.4 (8.2)
Euro 1.22 0.0 0.0 (11.0) CAC 40 4,254.43 0.4 0.4 (12.0)
Yen 120.05 0.5 0.5 14.0 Nikkei 17,635.14 (0.3) (0.3) (5.1)
GBP 1.56 (0.2) (0.2) (5.8) MSCI EM 957.57 1.4 1.4 (4.5)
CHF 1.02 0.0 0.0 (9.2) SHANGHAI SE Composite 3,127.45 0.6 0.6 43.8
AUD 0.81 0.1 0.1 (8.8) HANG SENG 23,408.57 1.2 1.2 0.4
USD Index 89.77 0.2 0.2 12.2 BSE SENSEX 27,701.79 1.4 1.4 27.8
RUB 55.65 (6.7) (6.7) 69.3 Bovespa 50,120.86 0.9 0.9 (13.6)
BRL 0.38 (0.2) (0.2) (11.3) RTS 811.03 5.6 5.6 (43.8)
178.5
135.2
122.9