1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.7% to close at 11,920.5. Gains were led by the
Industrials and Real Estate indices, rising 1.4% and 0.7%, respectively. Top
gainers were Qatar Cinema & Film Distribution Co. and Gulf International
Services, rising 9.9% and 3.0%, respectively. Among the top losers, National
Leasing fell 1.8%, while Ooredoo was down 1.4%.
GCC Commentary
Saudi Arabia: The TASI Index rose 2.4% to close at 8,686.2. Gains were led
by the Industrial Investment and Petrochemical Industries indices, rising 4.6%
and 4.3%, respectively. Allianz SF and Trade Union were up 9.9% each.
Dubai: The DFM Index declined 0.1% to close at 3,720.4. The Consumer
Staples index fell 1.2%, while the Banks index was down 0.8%. Takaful House
declined 7.6%, while Union Properties was down 5.8%.
Abu Dhabi: The ADX benchmark index fell 0.1% to close at 4,530.2. The
Industrial index declined 1.1%, while the Services index was down 0.6%. Abu
Dhabi Islamic Bank fell 9.4%, while Arkan Building Materials was down 9.2%.
Kuwait: The KSE Index declined 0.7% to close at 6,615.4. The Real Estate
index fell 1.3%, while the Basic Material index declined 1.0%. Gulf Franchising
Holding Co. and Credit Rating & Collection were down 8.6% each.
Oman: The MSM Index fell 0.8% to close at 6,591.7. Losses were led by the
Financial and Services indices, falling 0.9% and 0.7%, respectively. Port
Services Corporation declined 9.0%, while Al Madina Invest. was down 5.3%.
Bahrain: The BHB Index declined 0.8% to close at 1,417.4. The Commercial
Bank index fell 1.2%, while the Services index was down 0.5%. Al Salam Bank
– Bahrain fell 5.5%, while Khaleeji Commercial Bank was down 4.4%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distrib. Co. 39.80 9.9 0.2 (9.5)
Gulf International Services 98.70 3.0 396.8 1.6
Aamal Co. 14.19 2.8 266.3 (6.6)
Qatar Industrial Manufacturing Co. 45.85 2.8 48.3 5.8
Vodafone Qatar 15.41 2.7 1,973.0 (6.3)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 15.41 2.7 1,973.0 (6.3)
Islamic Holding Group 119.80 (1.1) 516.7 (3.8)
Barwa Real Estate Co. 45.00 0.6 472.5 7.4
Masraf Al Rayan 44.45 1.0 464.9 0.6
Al Khalij Commercial Bank 21.50 (0.5) 416.9 (2.5)
Market Indicators 27Jan 15 26 Jan 15 %Chg.
Value Traded (QR mn) 378.6 418.0 (9.4)
Exch. Market Cap. (QR mn) 650,138.4 646,278.9 0.6
Volume (mn) 8.0 8.7 (8.0)
Number of Transactions 5,314 6,191 (14.2)
Companies Traded 40 42 (4.8)
Market Breadth 26:12 12:26 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,779.29 0.7 1.9 (3.0) N/A
All Share Index 3,064.68 0.6 1.7 (2.7) 14.5
Banks 3,127.13 0.5 2.3 (2.4) 14.3
Industrials 3,793.07 1.4 1.9 (6.1) 13.2
Transportation 2,312.67 0.3 0.4 (0.3) 13.5
Real Estate 2,280.60 0.7 1.2 1.6 19.9
Insurance 3,749.67 0.2 0.1 (5.3) 11.6
Telecoms 1,385.50 (0.5) 1.2 (6.7) 19.2
Consumer 7,123.46 0.4 0.2 3.1 28.6
Al Rayan Islamic Index 4,052.12 0.9 1.2 (1.2) 16.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Saudi Public Tran. Co. Saudi Arabia 25.66 7.5 3,946.8 6.9
Saudi Arabian Mining. Saudi Arabia 35.92 6.8 16,429.0 17.5
Saudi Basic Industries Saudi Arabia 84.01 6.4 6,892.8 0.6
Banque Saudi Fransi Saudi Arabia 34.02 5.9 486.2 8.6
Al Jouf Cement Saudi Arabia 15.58 5.5 5,220.0 10.9
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Islamic Bank Abu Dhabi 5.30 (9.4) 5,485.6 (7.0)
Emirates NBD Dubai 9.00 (3.7) 501.4 1.2
Ajman Bank Dubai 2.42 (3.6) 4.0 (13.6)
Albaraka Banking Group Bahrain 0.80 (3.0) 17.4 (1.2)
Ithmaar Bank Bahrain 0.17 (2.9) 90.0 6.3
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%
National Leasing 21.30 (1.8) 233.8 6.5
Ooredoo 115.40 (1.4) 109.1 (6.9)
Islamic Holding Group 119.80 (1.1) 516.7 (3.8)
Al Khaleej Takaful Group 50.60 (0.8) 7.8 (0.4)
Qatar National Cement Co. 133.00 (0.6) 5.6 0.8
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Islamic Holding Group 119.80 (1.1) 64,072.0 (3.8)
Industries Qatar 149.00 1.7 39,013.5 (11.3)
Gulf International Services 98.70 3.0 38,860.3 1.6
Vodafone Qatar 15.41 2.7 30,498.2 (6.3)
QNB Group 200.00 0.0 29,291.7 (6.1)
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* 11,920.48 0.7 1.9 (3.0) (3.0) 103.97 178,528.0 15.3 1.9 3.9
Dubai 3,720.39 (0.1) (4.2) (1.4) (1.4) 237.68 89,950.1 11.2#
1.4#
5.2
Abu Dhabi 4,530.20 (0.1) 0.1 0.0 0.0 57.14 126,323.7 12.0 1.5 3.7
Saudi Arabia 8,686.16 2.4 3.1 4.2 4.2 2,930.07 499,882.5 17.3 2.1 3.1
Kuwait 6,615.44 (0.7) (0.7) 1.2 1.2 77.79 99,809.7 16.5 1.1 3.9
Oman 6,591.73 (0.8) (0.8) 3.9 3.9 8.58 24,925.1 9.6 1.4 4.3
Bahrain 1,417.40 (0.8) (0.8) (0.6) (0.6) 1.67 53,506.5 10.3 0.9 4.8
Source: Bloomberg, Qatar Stock Exchange, Tadawul, MSM, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any;
#
Values as of Jan. 21, 2015)
11,750
11,800
11,850
11,900
11,950
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index rose 0.7% to close at 11,920.5. The Industrials
and Real Estate indices led the gains. The index rose on the
back of buying support from non-Qatari shareholders despite
selling pressure from Qatari shareholders.
 Qatar Cinema & Film Distribution Co. and Gulf International
Services were the top gainers, rising 9.9% and 3.0%,
respectively. Among the top losers, National Leasing fell 1.8%,
while Ooredoo was down 1.4%.
 Volume of shares traded on Tuesday fell by 8.0% to 8.0mn from
8.7mn on Monday. Further, as compared to the 30-day moving
average of 15.2mn, volume for the day was 47.1% lower.
Vodafone Qatar and Islamic Holding Group were the most active
stocks, contributing 24.6% and 6.4% to the total volume
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings and Global Economic Data
Earnings Releases
Company Market Currency
Revenue
(mn) 4Q2014
% Change
YoY
Operating Profit
(mn) 4Q2014
% Change
YoY
Net Profit (mn)
4Q2014
% Change
YoY
Union Properties (UP)* Dubai AED 2,061.2 -55.8% – – 858.6 -45.6%
Al Hassan Engineering Co.
(AHEC)*
Oman OMR 76.4 20.7% – – -1.7 NA
Gulf Plastic Industries Co.
(GPI)*
Oman OMR 5.4 2.4% 0.3 -3.9% 0.3 14.7%
Source: Company data, DFM, ADX, MSM (*FY2014 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
01/27 US Markit US Composite PMI January 54.2 – 53.5
01/27 US Markit US Services PMI January 54.0 53.8 53.3
01/27 US Census Bureau New Home Sales MoM December 11.60% 2.70% -6.70%
01/27 US Conference Board Consumer Confidence Index January 102.9 95.5 93.1
01/27 UK BBA BBA Loans for House Purchase December 35,667.0 36,500.0 36,657.0
01/27 UK ONS GDP QoQ 4Q2014 0.50% 0.60% 0.70%
01/27 UK ONS GDP YoY 4Q2014 2.70% 2.80% 2.60%
01/27 UK ONS Index of Services MoM November 0.10% 0.30% 0.30%
01/27 Spain INE Total Mortgage Lending YoY November 16.80% – 17.70%
01/27 Spain INE House Mortgage Approvals YoY November 14.20% – 18.00%
01/27 China National Bureau of Stat. Industrial Profits YoY December -8.00% – -4.20%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QATI net profit rises 33.1% to QR1.0bn in FY2014 – Qatar
Insurance Company (QATI) reported a 33.1% YoY rise in its
FY2014 net profit to QR1.0bn, mainly driven by diversification of
underwriting and strong investment earnings. The company’s
gross written premiums grew 59.0% YoY to QR5.61bn, net
underwriting grew by 37.6% to QR663.8mn and investment
income grew by 45.3% YoY to QR846.3mn vs. QR582.4mn.
QATI has grown its asset base to QR16.1bn in FY2014 from
QR11.6bn in FY2013, while maintaining robust levels of
profitability, liquidity and market capitalization. Meanwhile, the
company’s board of directors has recommended distribution of
cash dividend of QR2.50/share and bonus shares of 15%. We
maintain our target price of QR97.00 and recommend an
Accumulate rating on the stock. (Gulf-Times.com, QNBFS
Research)
 QIF: Economy strong – The Qatar Investment Fund (QIF) said
that a sustained oil price downturn is likely to result in
considerable capital expenditure downsizing of strategic projects
in the GCC. Given the sizeable investments by the government,
Qatar’s capex pipeline may be relatively resilient. The current
slump in energy prices might not affect the nation too adversely,
as Qatar’s long-term strategic gas sale contracts should mean
less price volatility. QIF said compared to other GCC nations,
Qatar is in a better position to withstand lower oil prices, as it
enjoys one of the lowest per barrel budget costs. However, the
Fund, decreased its real estate exposure in 4Q2014, reducing
exposure to two major real estate companies, and reallocated
the cash to other sectors, mainly in the banking sector. The
Fund remains positive on Qatari banks because the
infrastructure development plans announced by the government
are expected to support lending activity, from which domestic
banks will benefit. The QIF’s banking and financial sector
weighting rose from 41.0% in 3Q2014 to 52.0% in 4Q2014. The
industrials sector remains the second largest exposure at 16.8%
of net asset value (NAV). The allocation to industrial sector
decreased from 22% in 3Q2014 to 16.8% in 4Q2014. Industries
Qatar remained the largest holding in the industrial sector at
6.6% of NAV. (Peninsula Qatar)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 57.33% 66.95% (36,409,747.93)
Non-Qatari 42.67% 33.05% 36,409,747.93

3. Page 3 of 7
 Finance Minister: No change in spending despite falling oil
prices – The Minister of Finance HE Ali Shareef Al Emadi said
despite the decline in oil prices, Qatar will continue the path of
development and there will be no change in fiscal policy on
spending or investment in infrastructure. He added that around
$200bn has been approved for various development projects
until 2022. He explained that these allocations would focus on
transportation projects and infrastructure, including the railway
network, the new port, health, education and sports facilities,
including the establishment of stadiums for the 2022 FIFA World
Cup. He further said that Qatar has important investments in the
US and has plans to increase these investments over the next
five years to exceed $35bn. (Peninsula Qatar)
 MDPS: Industrial PPI declines 5.3% MoM in November –
According to the Ministry of Development Planning & Statistics
(MDPS), the monthly Producer Price Index (PPI) of the industrial
sector for November 2014 stood at 140.3, indicating a decline of
5.3% MoM and a decrease of 18.3% on a YoY basis. The index,
which covers mining, electricity & water and manufacturing
activities, is a measure of the average selling prices received by
domestic producers for their output. The mining group’s PPI
(77% weight) showed a decline of 5.1% MoM, due to a similar
fall in the prices of crude petroleum and natural gas. On a YoY
basis, the mining group’s PPI led the drop by 19.8%. The
manufacturing group’s PPI (21% weight) registered a fall of
7.0% MoM (13.3% on a YoY basis). The PPI of electricity &
water (2% weight) showed an increase of 1.8% MoM (but down
by 2.9% on a YoY basis). (MDPS)
 Real estate brokerage law to stabilize rents – According to a
market expert, house and commercial property rents are
expected to be “reasonable” once the new real estate brokerage
business law comes into force. The draft law is in its initial stage
and is being discussed by those concerned; it is expected to see
the light of day within 2015. The law would prevent speculation
in real estate transactions and bring price stability to the market.
There are an estimated 1,000 real estate brokerage firms in the
country and all these firms are eagerly looking forward to the
new law since it would eliminate illegal middlemen from their
business. Brokerage commissions in real estate and rent-related
transactions would be reduced and deals would be streamlined.
(Peninsula Qatar)
 Transparency, best disclosure practices key for QSE –
According to a senior official of Qatar Stock Exchange (QSE),
the failure of some companies to provide information in English
and Arabic and the difficulty in reaching out to communication
officials of listed companies are some of the key issues that
stand in the way of transparency and disclosures of listed
companies. He noted that there is lack of commitment by some
companies to announce disclosure dates. Inaccuracy, ambiguity
and incomplete information related to financial statements,
projects, acquisitions, and corporate activities that may impact
the stock price in the market are among other issues that stand
in the way of transparency. (Peninsula Qatar)
 QAFAC to launch one of world’s largest CO2 capture
facilities – Qatar Fuel Additives Company (QAFAC) will host an
inaugural event to celebrate the official launch of one of the
world’s largest commercial-scale carbon dioxide (CO2) capture
facilities. A major environmental achievement in Qatar’s energy
sector, the state-of-the-art plant promises to recover and
reprocess an astounding 500 tons of carbon dioxide per day.
The facility will capture CO2 from combustion exhaust gas
emitted from the methanol reformer process, and inject it into its
existing methanol plant to enhance the production capacity. As a
result, the plant will reprocess the equivalent of CO2 emitted
from 32,000 cars a year, on a daily basis. (Peninsula Qatar)
 ORDS sees surge in international calls – Ooredoo (ORDS)
has witnessed a surge in international calls in January 2015,
driven by the popularity of its latest Hala Top-Up promotion and
a high number of visitors to Qatar. In December, the company
launched a new promotion for Hala that enables customers to
use the free bonus Ooredoo local minutes they get when they
also top up for international calls. (Peninsula Qatar)
 ABQK AGM on February 18 – Ahli Bank (ABQK) has
announced that its Ordinary and Extraordinary General
Assembly Meeting will be held on February 18. In the absence
of any required quorum, the second meeting will be held on
February 24, 2015. (QSE)
International
 US business spending weakens, but consumers upbeat;
consumer confidence rises to strongest since August 2007
– Business investment spending in the US fell for the fourth
straight month in December, a sign that slowing global growth
may be weighing on the economy, but consumers remained
upbeat and new home sales in December hit their highest level
since June 2008. The Commerce Department said non-defense
capital goods orders excluding aircraft, a closely watched proxy
for business spending plans, dropped 0.6% in December after a
similar decline in November. Orders for these so-called core
capital goods started falling in September, the longest
downward stretch since 2012. Meanwhile, the Conference
Board, an industry group said the consumer confidence in the
US strengthened to its highest level in more than seven years in
January on growing optimism about the jobs market and the
overall economy. The Conference Board said its index of
consumer attitudes jumped to 102.9 from an upwardly revised
93.1 in December. The January figure was the highest since
August 2007 when it was 105.6. The December figure was
originally reported as 92.6. (Reuters)
 British growth slows, but 2014 still fastest in seven years –
The economic growth in Britain slowed more than expected in
4Q2014, but with annual growth still at its fastest since 2007 the
data gave ammunition to both sides of the political divide
heading into May's election. Recent data showed some loss of
momentum. The growth in 4Q2014 fell to 0.5% from 0.7% in
3Q2014. The Office for National Statistics said for 2014 the
economy grew by 2.6%, up from 1.7% in 2013 and putting it on
track to have been the world's fastest-growing major advanced
economy in 2014. While most countries have not yet reported
2014 growth data, Britain is ahead of International Monetary
Fund’s estimates for other big developed nations, a fillip for
British Prime Minister David Cameron who faces a national
election on May 7. (Reuters)
 German government sees 1.5% growth in 2015, 1.6% in
2016 – According to sources, the German government expects
the economy to expand by 1.5% in 2015 and by 1.6% in 2016.
In October, the government had predicted that Europe's largest
economy would grow by 1.3% in 2015. Sources said the
forecasts were decided following final consultations on the
government's annual economic report, which is due to be
approved by the cabinet. Before the final round of consultations,
a source said that Berlin was expecting a growth of around 1.5%
in 2015 and 2016. According to preliminary figures, Germany's
GDP increased by 1.5% in 2014 with major contributions from
the private consumption and foreign trade. (Reuters)
 Reuters: EU aims to complete capital markets union by
2019 – According to a European Union (EU) document, the EU
will put in place its capital markets union by 2019, starting with
quick wins like encouraging direct investment in businesses.
The document, co-written by EU financial services chief

4. Page 4 of 7
Jonathan Hill, sets out a timetable for the first time on a core
policy of the European Commission to help revive the
Eurozone’s flagging economy. Harmonizing rules for capital
markets to increase the trade in stocks, bonds and other
securities is an important goal for the EU. Many countries on the
continent have historically relied more on bank loans than on
traded securities to fund their businesses, which can make them
vulnerable to shocks to the banking sector. (Reuters)
 China’s 2014 factory profit growth hits two-year low –
China’s factory profits grew at their weakest rate in two years in
2014 as its economic growth slipped to a 24-year low,
underscoring the challenges the economy faces. Data from the
National Bureau of Statistics showed profits for large Chinese
industrial companies rose 3.3% last year from 2013, the slowest
rate of growth seen since November 2012. In December alone,
the factory profits shrank 8%, the worst performance seen in at
least a year. Mao Weiming, a vice minister at China's Ministry of
Industry and Information Technology, said that the slowdown
could last some time. (Reuters)
Regional
 Dallah Healthcare updates on IPO proceeds – Dallah
Healthcare Holding announced that the gross proceeds from the
IPO that took place in November 2012 amounted to SR539.6mn
and net of SR513.1mn remained after deducting the IPO costs
of SR26.5mn. The company paid a total amount of SR38mn as
the acquisition price of its Pharmaceuticals, Herbal & Cosmetics
factory. The total acquisition value of this factory represented
24.8% of the designated proceeds or 7.4% of the net IPO
proceeds. The investment in healthcare projects and companies
represented 29.9% of the net IPO proceeds. Additionally, Dallah
Healthcare used SR133.8mn against buying of land in west
Riyadh area and an amount of SR19.4mn against payments for
engineering works, land survey and excavation digging.
(Tadawul)
 Saudi Aramco to renegotiate contracts; put off projects –
Saudi Aramco’s CEO, Khalid Al-Falih said that the company will
renegotiate some of its contracts and postpone some projects
due to falling oil prices. The lower price environment is an
opportunity for the entire industry to sharpen its tools. He added
the current imbalance in the oil market has nothing to do with
Saudi Arabia, and a fair oil price is what would ultimately
balance supply and demand. (GulfBase.com)
 KSA printing industry grows by 8% annually amid robust
economy – Saudi Arabia’s $800mn printing industry is the
oldest and biggest in the GCC region and is growing at an
annual rate of 8% per annum. In spite of the popularity of online
editions, the printing of newspapers remains resilient with almost
5.2mn copies of dailies and 2mn copies of magazines published
in the country. The KSA’s economic growth, increasing
government expenditure, population growth, rising cultural and
educational activities, and growth in the retail industry have
contributed to the surge of the printing, advertising and
marketing industries. (GulfBase.com)
 SABB expects slower growth for Saudi banks in 2015 –
Saudi British Bank (SABB) is expecting the growth in Saudi
Arabia’s banking industry to slow in 2015, tracking a forecast
drop in investment by the government. SABB’s Managing
Director, David Dew said that liquidity in KSA’s banking industry
will remain high and competition among lenders to win deals will
continue to weigh on net interest margins. The total profit among
the 12 publicly traded Saudi banks increased by about 10% in
2014. Saudi Arabia, which accounts for more than 10% of global
oil supplies, announced a 35% cut in investment spending in its
2015 budget, since lower crude prices caused it to estimate a
deficit of SR145bn. (GulfBase.com)
 HSBC appoints CEO of KSA operations – HSBC Holding has
appointed Majed Najm as the CEO of its Saudi operations. Najm
joined HSBC from Saudi British Bank, where he was the
General Manager of retail banking and wealth management.
(GulfBase.com)
 SEBA to build industrial complex in Egypt – According to a
report by Amwal Al Ghad, leading businessmen from Saudi
Arabia and Egypt are planning to build an industrial complex at
an investment of $68.4mn. The new industrial complex to be
built by the Saudi Egyptian Businessmen Association (SEBA)
would encompass three factories for building materials located
in one of Suez Canal cities. SEBA is set to announce the project
at its second annual conference on January 31, 2015.
(GulfBase.com)
 BCC’s total investment in KSA to reach SR1bn – Saudi-
based Bahra Cables Company (BCC) has nurtured the idea of
opening women-only factories in the future to handle low voltage
switchgear assembly that can be operated exclusively by Saudi
women. Bahra Cables’ total investment would reach SR1bn
after completion of various ongoing projects. (GulfBase.com)
 Saudi CMA approves Zain Saudi’s capital reduction – The
Saudi Capital Market Authority (Saudi CMA) has approved
Mobile Telecommunications Company Saudi Arabia’s (Zain
Saudi) request to reduce its capital from SR10.8bn to SR5.84bn,
thus bringing down shares to 584mn shares from 1.08bn shares.
This approval is conditional to approval by the company’s
extraordinary general assembly that must be held within six
months from the approval date and completion of the necessary
procedures. (Tadawul)
 Saudi CMA approves offering of MEFIC fund – Saudi CMA
has issued a resolution approving the ‘MEFIC Local Equity
Fund’, a new offer by the Middle East Financial Investment
Company (MEFIC). (Tadawul)
 Saudi CMA approves Al-Tayyar’s SR2bn capital increase –
Saudi CMA has approved Al-Tayyar Travel Group Holding
Company’s (Al-Tayyar) request to increase its capital from
SR1.5bn to SR2bn by issuing one bonus share for every three
existing shares owned by its shareholders. This increase will be
paid by transferring an amount of SR500mn from the retained
earnings account to the company's capital. This approval is
conditional to the company satisfying the regulatory
requirements of companies law and any other applicable laws.
(Tadawul)
 Saudi Ceramic gets approval for capital rise – Saudi CMA
has approved the Saudi Ceramic Company’s request to
increase its capital from SR375mn to SR500mn by issuing one
bonus share for every three existing shares owned by its
shareholders. Such an increase will be paid by transferring
SR125mn from the company’s retained earnings account. This
approval is conditional to the company satisfying the regulatory
requirements of companies law and any other applicable laws.
(Tadawul)
 BCIC invites shareholders to approve capital increase –
Buruj Cooperative Insurance Company’s (BCIC) board of
directors has invited shareholders to approve the increase in its
share capital through a rights issue offering worth SR120mn.
The rights issue is for strengthening the company's solvency
margin and support its future business growth. Those
shareholders who are registered in the shareholders register in
the Securities Depository Center at the close of trading on the
day of the EGM would be eligible for this rights issue. (Tadawul)

5. Page 5 of 7
 Agility to provide ground handling services at AIA – Agility,
through its subsidiary Nation Aviation Services Company has
signed a concession agreement to provide ground handling and
other airport services at Abidjan International Airport (AIA) in the
Ivory Coast. The company is expected to earn total revenues of
$250mn from this ten-year concession. (DFM)
 Amlak Finance to resume the trading on DFM – Amlak
Finance, the Shari’ah-compliant mortgage lender that completed
its debt restructuring worth $2.7bn in 2014, is on track to resume
trading of its shares on the Dubai Financial Market (DFM) in
1H2015. Earlier in August 2014, Amlak reached an agreement
with its creditors to restructure its debt. The deal broke the
impasse that had hung over the UAE mortgage market since the
height of the global financial crisis seven years ago. However,
Amlak must fulfill certain requirements including ratification by
shareholders in order to win an approval for trading from the
Securities & Commodities Authority. (GulfBase.com)
 Dubai displaces Heathrow as busiest international airport –
Dubai International Airport (DIA) has displaced London's
Heathrow Airport as the world's busiest international airport hub.
DIA boosted its passenger numbers by 6.1% to reach 70.5mn
during 2014, almost all of them traveling to and from locations
outside the UAE. That took it past Heathrow, which attracted
68.09mn international travelers in 2014. Dubai has used its
strategic location at a geographical crossroad between Europe,
Asia, Africa and the Middle East to establish itself as a base for
inter-continental transfer flights, with Emirates already being the
world leading carrier by international traffic. (Bloomberg)
 Etisalat sells its stake in 7 firms – Emirates
Telecommunications Corporation (Etisalat), Atlantique Telecom
(AT) and Etisalat International Benin Limited (EIBL) have
completed the sale of Etisalat’s shareholdings in its operations
in Benin, the Central African Republic, Gabon, the Ivory Coast,
Niger, Togo and Prestige Telecom to Itissalat Al Maghrib (Maroc
Telecom). The final consideration for Etisalat’s equity and
receivables from these seven companies amounted to
AED2.5bn. (ADX)
 NBQ reports AED383.75mn net profit in FY2014,
recommends 11% cash dividend – The National Bank of Umm
Al-Qaiwain (NBQ) reported AED383.75mn net profit for FY2014,
up 4% as compared to AED368.08mn in FY2013. NBQ
achieved total revenues of AED664.46mn in 2014, while its
operating income stood at AED406.32mn, up 25% over 2013.
The bank’s total assets stood at AED13.3bn in 2014 as against
AED12.5bn a year ago. EPS amounted to AED0.23 for FY2014
as against AED0.22 a year earlier. Customer loans & advances
increased to AED8.01bn, while deposits stood at AED8.04bn.
The bank continues to have a healthy capital adequacy ratio as
well as Tier 1 ratio at 31.1% and 29.6%, respectively.
Meanwhile, the bank’s board of directors has proposed a cash
dividend of 11% and a bonus share of 10% of the share capital
as at December 31, 2014, which is subject to the approval from
the UAE Central Bank. (ADX)
 UNB’s net profit surges 16% in FY2014, recommends 25%
cash dividend – Union National Bank (UNB) reported
AED2.02bn net profit for FY2014, up 16% as compared to
AED1.75bn in FY2013. The bank’s total assets stood at
AED93.5bn in 2014 as against AED87.5bn a year ago.
Operating income stood at AED3.5bn, up 9% over 2013. Loans
& advances stood at AED64.1bn, while customer deposits stood
at AED60bn. EPS amounted to AED0.69 for FY2014 as against
AED0.59 a year earlier. The bank’s capital adequacy ratio stood
at 19.9% and Tier 1 ratio at 18.7% as of December 31, 2014.
Meanwhile, the bank’s board of directors recommended a cash
dividend of 25%, subject to the approval of the UAE Central
Bank. (ADX)
 ADFG targets $100mn finance buyout by June 2015 – Abu
Dhabi Financial Group’s (ADFG) CEO, Jassim Alseddiqi said
that ADFG is aiming to complete the $100mn buyout of a local
financial services firm by June 2015, strengthening a shift
toward business expansion via acquisitions. It would be the third
purchase by the privately-owned investment firm in the non-
banking financial services sector in recent months, including a
45% stake in the brokerage business of First Gulf Bank and
Integrated Capital. ADFG is also looking for more acquisitions in
areas that will be complementary to the group. (Reuters)
 SFG BoD plans SR8bn capital raise – Samba Financial
Group’s (SFG) board of directors has proposed increasing the
bank's capital by SR8bn through the issue of bonus shares to
help support its future growth. SFG will increase its capital to
SR20bn from retained earnings by issuing two shares for every
three shares held. No money is being raised from shareholders,
who will get the new shares for free. (Reuters)
 Kuwait forecasts budget deficit of $24bn in FY2015-16 –
Kuwait has projected a $24bn deficit for the fiscal year 2015-
2016 despite a massive spending cut to cope with plunging oil
prices. The draft budget for the year starting in April envisages
revenues of $41.1bn, down 43.6% from estimates for the current
year. Meanwhile, the budget has splashed spending to $65.1bn,
down by 17.8% from planned spending for the current 2014/15
year. The government would cover the deficit through borrowing
from its general reserves or from the local and foreign capital
markets. It pledged to save money by cutting waste, placing
caps on spending in all areas of government and reducing non-
essential expenditure while continuing to allocate money to
social welfare and a range of major infrastructure projects. The
finance ministry said the draft budget was based on an average
oil price of $45, down from $75 in the current year’s budget, and
assumed oil output of 2.7mn bpd. Kuwait would need an oil price
of $77 to balance the budget. (Bloomberg)
 Kuna: Kuwait’s crude oil exports to China up 19.2% YoY in
December 2014 – According to Kuna, crude oil exports from
Kuwait to China surged 19.2% YoY in December 2014 to reach
1.73mn tons. Kuwait provided 10.62mn tons (213,000bpd) to
China in 2014, representing a 13.7% YoY increase. China’s
overall imports of crude oil in December grew 13.4% YoY to a
record high of 7.18m bpd. Saudi Arabia maintained its position
as China’s top supplier with its shipments rising 8.6% to 1.07mn
bpd from a year earlier. (GulfBase.com)
 Gulf Bank’s net profit up 10.7% in 4Q2014, proposes stock
dividend – Kuwait-based Gulf Bank reported KD8.97mn net
profit in 4Q2014, up 10.7% as compared to KD8.1mn in
4Q2013. The bank’s net profit for 2014 was KD35.5mn, up 10%
from 2013. Meanwhile, the bank of directors proposed a stock
dividend of 5 free shares for every 100 held for 2014. (Reuters)
 Oman inks deals worth OMR66mn to boost aquaculture –
Oman’s Ministry of Housing has signed three agreements worth
OMR66mn that will help boost aquaculture production in Oman
from 353 tons in 2013 to 7,330 tons per year in future. The first
usufruct agreement with Arabian Marine Development Company
aims to set up an integrated shrimp and sea cucumber farm and
a 500-hecatre township worth OMR29mn in South Sharqiyah.
The project will produce 4,500 tons of seafood annually and
create 500 jobs. The second usufruct agreement with Al Jazeera
Investment Company is aimed at setting up an abalone and
grouper OMR34.5mn fish farming project spread over 30
hectares in Dhofar. The project will produce about 1,500 tons of
grouper and 1,000 tons of abalone every year. Meanwhile,

6. Page 6 of 7
Knowledge Modern Technologies Company has been granted a
technical license allowing it to start production of grouper fish in
South Sharqiyah at a cost of OMR2.5mn. (GulfBase.com)
 AMI: Oman’s maritime communications network nearing
completion – According to Al Madakhel Investment (AMI), the
rollout of a national maritime communications network along
Oman’s lengthy coastline is due to be completed by 1Q2015.
AMI is implementing the ambitious project under a license
issued to the company to build, operate and the upgrade
Oman’s maritime communications infrastructure and provide
general marine telecommunications services. (GulfBase.com)
 GHG offers to buy BTC shares – Gulf Hotels Group (GHG)
announced that it has submitted an initial and non-binding letter
to the Bahrain Tourism Company’s (BTC) board, indicating its
interest to acquire BTC’s shares through a securities exchange
offer. (Bahrain Bourse)
 BisB extends Visa partnership – Bahrain Islamic Bank (BisB)
has signed a strategic agreement with Visa, a global leader in
electronic payments, to further enhance the bank's partnership
with it for another five years. The agreement is part of the bank's
efforts to consolidate cooperation with various banking services
parties. (GulfBase.com)
 SICO’s FI Fund outperforms regional benchmark in 2014 –
Bahrain-based Securities & Investment Company (SICO)
reported that its Fixed Income Fund (FI Fund) outperformed its
benchmark and peers during 2014. In its first full year of
operations, the FI Fund delivered a return of 8.7% compared
with 6.9% by its benchmark, the ‘Barclays Emerging Markets
GCC Bond Index’. Since its inception, the fund has returned
7.8%, outperforming the index by 1.4% net of fees. It paid its
first dividend in 2014 at $2.25 per unit. Although registered as a
conventional fund, Shari’ah-compliant holdings comprised 38%
of the fund’s portfolio at the end of 2014. (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
2.4%
0.7%
(0.7%) (0.8%) (0.8%)
(0.1%) (0.1%)
(1.6%)
(0.8%)
0.0%
0.8%
1.6%
2.4%
3.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,292.24 0.8 (0.1) 9.1 MSCI World Index 1,705.60 (0.4) (0.1) (0.2)
Silver/Ounce 18.07 0.8 (1.3) 15.0 DJ Industrial 17,387.21 (1.6) (1.6) (2.4)
Crude Oil (Brent)/Barrel (FM
Future)
49.60 3.0 1.7 (13.5) S&P 500 2,029.55 (1.3) (1.1) (1.4)
Crude Oil (WTI)/Barrel (FM
Future)
46.23 2.4 1.4 (13.2) NASDAQ 100 4,681.50 (1.9) (1.6) (1.2)
Natural Gas (Henry
Hub)/MMBtu
2.95 0.9 (0.4) (1.4) STOXX 600 368.70 (0.4) 0.4 1.0
LPG Propane (Arab Gulf)/Ton 49.75 (1.0) (2.0) 1.5 DAX 10,628.58 (0.9) 0.7 1.2
LPG Butane (Arab Gulf)/Ton 67.00 (0.7) (2.9) 6.8 FTSE 100 6,811.61 0.1 0.9 1.2
Euro 1.14 1.3 1.6 (5.9) CAC 40 4,624.21 (0.4) 0.5 1.5
Yen 117.87 (0.5) 0.1 (1.6) Nikkei 17,768.30 2.2 1.4 3.2
GBP 1.52 0.8 1.4 (2.4) MSCI EM 989.83 0.1 (0.1) 3.5
CHF 1.11 0.0 (2.4) 10.2 SHANGHAI SE Composite 3,352.96 (0.7) (0.1) 3.1
AUD 0.79 0.2 0.3 (2.9) HANG SENG 24,807.28 (0.4) (0.2) 5.1
USD Index 94.02 (0.8) (0.8) 4.2 BSE SENSEX 29,571.04 1.0 1.0 10.7
RUB 67.52 (1.4) 6.0 11.2 Bovespa 48,591.23 0.5 (0.1) (0.1)
BRL 0.39 0.4 0.4 3.0 RTS 783.53 0.3 (4.6) (0.9)
171.3
134.0
123.2