The QSE Index rose 0.5% led by gains in the Insurance and Industrials indices. Qatar Cinema & Film Distribution Co. and Qatar Insurance Co. were the top gainers rising 9.8% and 4.3% respectively. Regional indices were mixed with Saudi Arabia up 2.6% while Abu Dhabi fell 0.3%. Vodafone Qatar reported lower than expected quarterly results and will become fully Sharia compliant in April 2015. Barwa Real Estate signed an expansion project deal and Qatar's telecom revenues exceeded QR8.5 billion in 2013/14.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.5% to close at 11,980.7. Gains were led by the
Insurance and Industrials indices, rising 2.7% and 0.7%, respectively. Top
gainers were Qatar Cinema & Film Distribution Co. and Qatar Insurance Co.,
rising 9.8% and 4.3%, respectively. Among the top losers, National Leasing fell
2.8%, while Doha Insurance Co. was down 2.4%.
GCC Commentary
Saudi Arabia: The TASI Index rose 2.6% to close at 8,912.5. Gains were led
by the Petrochemical Industries and Real Estate Dev. indices, rising 4.5% and
3.6%, respectively. Al Alamiya gained 9.8%, while Dar Al Arkan was up 9.6%.
Dubai: The DFM Index gained 0.4% to close at 3,736.3. The Consumer
Staples index rose 2.7%, while Telecommunication gained 2.2%. Takaful
House rose 7.2%, while Dubai Parks & Resorts was up 3.1%.
Abu Dhabi: The ADX benchmark index fell 0.3% to close at 4,516.1. The
Banks and Telecomm. indices declined 0.5% each. Abu Dhabi National Co. for
B and M fell 3.8%, while Abu Dhabi Commercial Bank was down 2.9%.
Kuwait: The KSE Index rose 0.3% to close at 6,636.6. The Insurance index
gained 1.5%, while Industrial index was up 0.8%. Kuwait Cable Vision rose
7.9%, while Gulf Insurance Group was up 7.1%.
Oman: The MSM Index fell 0.1% to close at 6,584.1. Losses were led by the
Financial and Services indices, falling 0.1% each. Oman and Emirates Inv.
Holding declined 4.7%, while National Bank of Oman was down 2.3%.
Bahrain: The BHB Index gained 0.5% to close at 1,424.0. The Commercial
Bank index rose 0.9%, while the Services index gained 0.4%. Esterad
Investment Co. gained 4.9%, while Nass Corporation was up 3.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distrib. Co. 43.70 9.8 1.0 (0.7)
Qatar Insurance Co. 87.70 4.3 476.1 (3.2)
Aamal Co. 14.63 3.1 707.1 (3.7)
Ahli Bank 57.50 2.7 0.0 5.3
Al Khalij Commercial Bank 21.90 1.9 169.4 (0.7)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 14.73 0.0 3,569.2 (1.3)
Mazaya Qatar Real Estate Dev. 19.89 0.8 912.5 3.9
Barwa Real Estate Co. 44.60 (0.9) 858.4 6.4
Aamal Co. 14.63 3.1 707.1 (3.7)
Vodafone Qatar 15.50 0.6 685.6 (5.8)
Market Indicators 28Jan 15 27 Jan 15 %Chg.
Value Traded (QR mn) 504.4 378.6 33.2
Exch. Market Cap. (QR mn) 653,115.6 650,138.4 0.5
Volume (mn) 11.8 8.0 46.7
Number of Transactions 6,046 5,314 13.8
Companies Traded 43 40 7.5
Market Breadth 22:17 26:12 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,869.04 0.5 2.4 (2.5) N/A
All Share Index 3,080.21 0.5 2.2 (2.2) 14.6
Banks 3,146.98 0.6 3.0 (1.8) 14.4
Industrials 3,818.84 0.7 2.6 (5.5) 13.3
Transportation 2,316.33 0.2 0.6 (0.1) 13.5
Real Estate 2,278.24 (0.1) 1.1 1.5 19.9
Insurance 3,850.44 2.7 2.8 (2.7) 11.9
Telecoms 1,383.60 (0.1) 1.1 (6.9) 19.2
Consumer 7,090.98 (0.5) (0.2) 2.7 28.5
Al Rayan Islamic Index 4,055.72 0.1 1.3 (1.1) 16.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Dar Al Arkan Real Est. Saudi Arabia 10.15 9.6 98,346.4 24.8
Yanbu Nat. Petrochem. Saudi Arabia 49.97 9.4 2,283.6 4.9
Samba Financial Group Saudi Arabia 46.27 9.1 4,076.3 19.9
Saudi Chemical Co. Saudi Arabia 59.02 7.8 1,182.8 3.1
Saudi Int. Petroche Saudi Arabia 30.40 6.9 1,057.3 14.5
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Com. Bank Abu Dhabi 7.03 (2.9) 967.2 0.0
National Leasing Qatar 20.70 (2.8) 280.1 3.5
Nat. Bank Of Oman Oman 0.35 (2.3) 359.8 10.1
Drake & Scull Int. Dubai 0.81 (1.7) 3,195.0 (9.8)
Qatar Industrial Man. Qatar 45.10 (1.6) 2.7 4.0
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%
National Leasing 20.70 (2.8) 280.1 3.5
Doha Insurance Co. 26.10 (2.4) 34.3 (10.0)
Qatar Industrial Manufacturing Co. 45.10 (1.6) 2.7 4.0
Gulf Warehousing Co. 54.30 (1.5) 34.3 (3.7)
Qatari Investors Group 38.45 (1.0) 199.9 (7.1)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 201.00 0.5 84,729.6 (5.6)
Ezdan Holding Group 14.73 0.0 53,548.8 (1.3)
Gulf International Services 100.30 1.6 47,469.0 3.3
Qatar Insurance Co. 87.70 4.3 42,270.1 (3.2)
Barwa Real Estate Co. 44.60 (0.9) 38,631.0 6.4
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* 11,980.66 0.5 2.4 (2.5) (2.5) 138.52 179,345.5 15.3 1.9 3.9
Dubai 3,736.30 0.4 (3.8) (1.0) (1.0) 152.90 90,465.8 12.4 1.4 5.2
Abu Dhabi 4,516.12 (0.3) (0.2) (0.3) (0.3) 59.65 126,067.4 12.0 1.5 3.8
Saudi Arabia 8,912.50 2.6 5.8 7.0 7.0 3,488.69 513,841.2 17.7 2.1 3.0
Kuwait 6,636.59 0.3 (0.4) 1.5 1.5 97.64 100,073.8 16.5 1.1 3.9
Oman 6,584.07 (0.1) (0.9) 3.8 3.8 11.61 24,886.6 9.6 1.4 4.3
Bahrain 1,424.02 0.5 (0.3) (0.2) (0.2) 1.38 53,568.7 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)
11,900
11,950
12,000
12,050
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index rose 0.5% to close at 11,980.7. The Insurance
and Industrials 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 Qatar Insurance Co.
were the top gainers, rising 9.8% and 4.3%, respectively. Among
the top losers, National Leasing fell 2.8%, while Doha Insurance
Co. was down 2.4%.
 Volume of shares traded on Wednesday rose by 46.7% to
11.8mn from 8.0mn on Tuesday. However, as compared to the
30-day moving average of 14.7mn, volume for the day was
19.9% lower. Ezdan Holding Group and Mazaya Qatar Real
Estate Development were the most active stocks, contributing
30.3% and 7.8% 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
Al-Jouf Agricultural
Development Co. (JADCO)
Saudi Arabia SR – – 104.0 8.7% 107.0 4.8%
Dubai Insurance Co. (DIC)* Dubai AED 324.8 1.1% – – 30.1 -4.7%
Oman Chromite Co. (OOC)* Oman OMR 1.9 -10.6% – – 0.3 -44.2%
Muscat National Holding Co.
(MNH)*
Oman OMR 10.5 -9.3%
– –
0.1 -74.2%
Areej Vegetable Oils and
Derivatives (AVOD)*
Oman OMR 92.5 0.4%
– –
2.6 6.8%
Shell Oman Marketing Co.
(SOMC)*
Oman OMR 361.5 -16.0%
– –
12.3 1.7%
National Pharmaceutical
Industries Co. (NPI)*
Oman OMR 10.0 8.8%
– –
1.0 -2.1%
Oman & Emirates
Investment Holding Co.
(OEIHC)*
Oman OMR 4.8 -45.4%
– –
0.4 -88.5%
National Hospitality Institute
(NHI)*
Oman OMR 0.9 24.8%
– –
0.0 49.5%
Global Financial Investment
Holding (GFI)*
Oman OMR 4.0 -38.1%
– –
0.6 -77.6%
Esterad Investment Co.
(Esterad)*
Bahrain BHD 3.2 -5.0%
– –
2.0 -8.8%
Source: Company data, DFM, ADX, MSM (*FY2014 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
01/28 US MBA MBA Mortgage Applications 23-January -3.20% – 16.10%
01/28 France INSEE Consumer Confidence January 90.0 91.0 90.0
01/28 Germany Destatis Import Price Index MoM December -1.70% -1.50% -0.80%
01/28 Germany Destatis Import Price Index YoY December -3.70% -3.40% -2.10%
01/28 Germany GfK AG GfK Consumer Confidence February 9.3 9.1 9.0
01/28 China Deutsche Boerse Westpac-MNI Consumer Sentiment January 112.1 – 112.5
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 58.73% 68.01% (46,810,735.21)
Non-Qatari 41.28% 32.00% 46,810,735.21

3. Page 3 of 6
News
Qatar
 VFQS posts lower-than-expected December quarter results;
will be declared fully Sharia compliant from April 1 2015 –
Vodafone Qatar (VFQS) reported a December quarter revenue
of QR591.5mn (+6% QoQ, +17% YoY) vs. our estimate of
QR599.8mn. EBITDA of QR125.8mn (-7% QoQ, -6% YoY) was
well below our estimate of QR159.4mn given higher-than-
expected interconnection and other opex. The company’s
distributable profit increased 71% YoY to ~QR152mn in
9M2014. VFQS’ customer base rose 11% YoY to 1.414mn,
while ARPU remained at QR125 in 9M2014. According to the
press release, Vodafone Qatar will be declared fully compliant
with Sharia practices throughout its business, including
commercial and financial operations with effect from 1 April
2015. We believe this could lead to its inclusion in the Al Rayan
Islamic Index going forward. We maintain our Market Perform
rating with a price target of QR16.50. (VFQS Press Release,
QNBFS Research)
 BRES signs expansion project deal – Barwa Real Estate
Company (BRES) has signed an agreement with Arab
Engineering Bureau (AEB) for the second phase of the
expansion project for Barwa Village. AEB will provide design
and consultancy services to the project. The work on the project
will start in June 2015 and is expected to be completed in
December 2016. This is the second collaboration of BRES with
the AEB, after the Motor City project. The expansion project will
involve the development of an additional strip of land attached to
the existing site with approximately 11,100 square meters set to
house mixed-use buildings with retail, showroom and residential
facilities in addition to the development of some other vacant
plots in Barwa Village into retail units and showrooms. (Gulf-
Times.com)
 Ministry: Qatar telecom revenues exceed QR8.5bn – The
Ministry of Information & Communications Technology
(ictQATAR), in its 2013/14 annual report, said that Qatar’s
telecom market remains healthy and dynamic, growing at a pace
that is outperforming population growth with 2013 revenues
increasing by 11% to reach QR8.5bn. Net profits remained
stable at QR1.1bn. Both mobile and fixed broadband
subscriptions have also grown over the past year, with the
former, in particular, skyrocketing by 32% to a total of 1,665,419
mobile broadband subscriptions in the country. The report said
Es’hail 1 was launched to support expanded broadcast services.
Es’hailSat, Qatar Satellite Company, which received a 25-year
operating license from the government in 2013, has already
started to plan the design and manufacture of Es’hail 2, which is
scheduled to be launched by 2016-end. This satellite will further
boost broadband delivery, television and global connectivity.
(Gulf-Times.com)
 Cabinet gives approval for low-cost warehouses – The Qatar
Cabinet has approved granting Economic Zones Company
(Manateq) a license to usufruct land to set up low-cost
warehouse projects. The license aims to provide low-cost
storage for companies as a contribution from the state to
support and stimulate the private sector as one of the main
pillars of achieving sustainable development. The meeting
ratified a cabinet draft decision amending the regulation of some
administrative units of the Ministry of Economy and Commerce
and identifying their powers. According to the bill, the
departments of economic policies and economic research and
studies are to be merged into the department of policies and
economic studies and to be supervised by the assistant
undersecretary for economic affairs. The department is to be
tasked with proposing the state’s macroeconomic scope to help
in drawing up its medium- and long-term plans, besides
suggesting economic policies and programs and following up on
their execution. An administrative unit called the department of
government sector and private sector partnership will be added
to the administrative units under the jurisdiction of the assistant
undersecretary for economic affairs. The Cabinet also approved
a draft law regulating the registration of births and deaths, and
referred it to the Advisory Council. Further, the Cabinet
approved a draft law on businesses of experts, with provisions
related to practicing their businesses and the regulations
involved. Under the draft law, a committee on experts’ affairs is
to be established at the Ministry of Justice to oversee such
businesses, particularly their registration and reviewing
complaints. (Gulf-Times.com)
 QSE to launch four exchange traded funds – Four Exchange-
traded funds (ETFs) will be launched on the Qatar Stock
Exchange (QSE) from February 2015. Four entities have been
initially licensed by bourse regulators to launch the ETFs. These
include QNB Group (QNBK), Masraf Al Rayan (MARK) and
Amwal. The QSE Chief hinted that bond ETFs might be
launched and individuals could be able to buy them in units
indirectly. (Peninsula Qatar)
 Construction work begins on Shaza hotel in Doha – Shaza
Hotel in Doha, which will be a Shari’ah-compliant, alcohol-free
property when it opens in 2016, has begun taking shape, with
developers breaking ground and commencing foundation work.
Located between the souks in the city’s traditional commercial
district, the hotel is being constructed by developer Domopan in
partnership with Shaza Hotels and will have 180 rooms spread
across 15 floors. (Bloomberg)
International
 Fed upbeat on US economy, cites strong job gains – The
Federal Reserve said the US economy was expanding at a solid
pace with strong job gains in a signal that the central bank
remains on track with its plans to raise interest rates in 2015.
The Fed repeated it would be patient in deciding when to raise
benchmark borrowing costs from zero, though it also
acknowledged a decline in certain inflation measures. After a
two-day meeting of the Federal Open Market Committee, policy
makers struck an upbeat tone on the US economy's prospects
and held to their view that energy-led weakness in inflation
would dissipate. (Reuters)
 IMF sets June deadline for progress on governance reforms
– The International Monetary Fund (IMF) has set a June
deadline for making progress on reforms that would give
emerging countries more say in how the world lender is run, an
attempt to break a standoff created by US failure to ratify the
changes. The governance reforms were adopted by the IMF in
2010, which initially set a 2012 deadline for all member
countries to endorse them. The administration of US President
Barack Obama has so far been unable to persuade Republicans
in Congress to act on the measure. The board of the IMF said
the institution’s 188 member countries should agree on steps
that could make meaningful progress toward the reforms by
June 30, 2015 without providing details. (Reuters)
 Carney urges Europe to take plunge on fiscal union – Bank
of England Governor Mark Carney has urged the Eurozone to
take the controversial step of turning its currency area into a
fiscal union in order to escape its slow-growth debt trap – a call
likely to be rebuffed by Germany. Carney praised the European
Central Bank for the "boldness" of its plan to buy hundreds of
billions of euros of government bonds to fight the potentially
dangerous combination of weak growth and falling prices.

4. Page 4 of 6
However, he criticized the Eurozone for failing to act on other
reforms, including making the Eurozone more like the US, where
states cushion one another against economic shocks via federal
government transfers. (Reuters)
 Japan’s retail sales unexpectedly slump in challenge to Abe
– Retail sales in Japan unexpectedly fell in December,
underscoring the challenges to Prime Minister Shinzo Abe’s
effort to stoke a recovery in the world’s third-biggest economy.
The trade ministry said sales slid 0.3% from November for a
third straight monthly decline. That compared with the
Bloomberg median estimate for a 0.3 % gain. Sales increased
1.7% in 2014. A recovery in consumer spending that was hurt by
last year’s sales tax increase is needed to spur the economy.
Talks between business and labor leaders this spring will
determine the extent of pay gains that have so far been too
small to offset the rising living costs for consumers. (Bloomberg)
 China plans to set 2015 growth target at around 7% –
According to sources, China plans to cut its growth target to
around 7% in 2015, its lowest goal in 11 years, as policy
makers try to manage slowing growth, job creation and pursuing
reforms intended to make the economy more driven by market
forces. The growth target, which is set to be announced by
Premier Li Keqiang at the annual parliament session in March,
was endorsed by top party leaders and policy makers at a
closed-door Central Economic Conference in December. The
target, which is in line with market expectations, has not been
previously reported. (Reuters)
Regional
 SBU signs debut $85mn 18-month loan – Stanbic Bank
Uganda (SBU) has signed an $85mn, 18-month loan to fund its
general business activities. Emirates NBD Capital was the sole
coordinator and bookrunner for the financing. Other participants
included Al Ahli Bank Kuwait, Al Khalij Commercial Bank
(KCBK), Commercial Bank of Qatar (CBQK) and Standard
Chartered. Emirates NBD said Stanbic Bank is paying an
interest rate of 250 basis points over the London interbank
offered rate (Libor). (Reuters)
 EEC expects cheap oil may boost growth – Emaar Economic
City (EEC) expects demand for its industrial and residential
properties to grow in 2015 with companies increasing
investment despite the plunge of oil prices. EEC said the market
for its product and manufacturers is bound to expand. The
company said a lower oil price means global growth, since
companies have growth markets in the US and elsewhere. EEC
will focus on expanding its port and industrial area in 2015,
attracting more investors to the city, and developing an area
around a proposed high-speed rail line, which will link King
Abdullah Economic City with Mecca, Medina and Jeddah. The
port's annual capacity, now at 1.3mn twenty-foot equivalent
units (TEUs), is expected to rise to 4mn TEUs by the end of
2016. (Reuters)
 Zain Saudi seeks approval for capital reduction – Mobile
Telecommunications Company Saudi Arabia (Zain Saudi) has
invited its shareholders to approve its board of directors’
recommendation to decrease the company capital from
SR10.8bn to SR5.84bn. The number of shares will also be
brought down to 584mn shares from 1.08bn shares, by reducing
1 shares for every 2.18 shares owned. The principal reason for
the proposed capital reduction is to write-off the company’s
entire accumulated losses up to September 30, 2014,
representing 45.96% of the capital. (Tadawul)
 WSE opens two new branches in Dubai – The Wall Street
Exchange (WSE), the UAE’s leading exchange house and
member of Emirates Post Group, has recently opened its two
new branches in Nesto Hypermarket at Jafza West and Dubai’s
Third Cruise Terminal as a part of its continuous efforts to
efficiently fulfill the requirements of its customers. This marks
the addition of two new branches to its now 32-branch strong
network. (GulfBase.com)
 Vodacom, Bharti bid for Etisalat’s stake in Zantel –
According to sources, Emirates Telecommunications
Corporation (Etisalat) has received offers from Vodacom Group
and Bharti Airtel to acquire controlling stake in Zanzibar
Telecom (Zantel). Being Tanzania’s largest internet provider,
Zantel is 65% owned by Etisalat with a valuation of about
$300mn. Sweden-based Millicom International Cellular is also a
potential bidder for the stake. (Bloomberg)
 DSE wins AED198mn MEP contract – Drake & Scull
Engineering (DSE), the engineering unit of Drake & Scull
International (DSI), has been awarded a mechanical, electrical &
plumbing (MEP) contract worth AED198mn for an upcoming
hotel and serviced apartment complex. Under the agreement’s
terms, DSE will deliver MEP services for five buildings ranging
15-19 floors, featuring a hotel and serviced apartments, a
ballroom and an attached cafe; a marina, including four foot
bridges and one vehicular bridge; and hard and soft landscaping
works. Construction work for the complex has already begun
and is slated for completion in 2017. (DFM)
 DIC BoD recommends 25% cash dividend – Dubai Insurance
Company’s (DIC) board of directors has recommended the
distribution of 25% cash dividend from its capital. (DFM)
 OIC BoD offers 10% cash dividend – Oman Insurance
Company (OIC) board of directors has decided to distribute a
cash dividend of 10% of the share capital. (DFM)
 Mashreq Bank seeks approval for 40% dividend – Mashreq
Bank has invited shareholders to consider and approve its board
of director’s recommendation for distributing 40% cash dividend.
(DFM)
 NBAD’s net profit rises 17.6% in FY2014; offers 40% cash
dividend and 10% stock dividend – The National Bank of Abu
Dhabi (NBAD) reported AED5.58bn net profit for FY2014, up
17.6% as compared to AED4.74bn in FY2013. The bank’s total
assets stood at AED376bn in 2014 as against AED325bn a year
ago. Customer loans stood at AED194bn, while deposits stood
at AED243bn. EPS amounted to AED1.12 for FY2014 as
against AED0.95 a year earlier. The bank’s strong profit growth
led to solid returns on shareholder funds (RoSF) of 16.8% in
2014, rising from 15.6% in 2013. Meanwhile, NBAD’s board of
directors has recommended a cash dividend of 40% (40 fils per
share) and a stock dividend of 10% for FY2014 (1 bonus share
for every 10 shares held), which are subject to approval by the
shareholders at the AGM and the UAE Central Bank. (ADX)
 NBF Capital concludes AED260mn syndication for
Universal Hospital – The National Bank of Fujairah (NBF)
announced that its wholly-owned subsidiary, NBF Capital Ltd
has concluded AED260mn loan syndication on behalf of
Universal Hospital. NBF Capital acted as the financial advisor
and book runner for the transaction. The syndicated facility has
a tenor of 72 months and is the first of its kind for Universal
Hospital. The deal will be used to bring together all of the
hospital’s current banking facilities under one common structure
as well as fund an expansion into a new building adjacent to its
current property. NBF was the lead arranger for the transaction
and led a group of participants that included United Arab Bank,
Al Hilal Bank and Commercial Bank of Dubai. (GulfBase.com)

5. Page 5 of 6
 Zain mulls telecom tower sale in Mideast – According to
sources, Mobile Telecommunications Company (Zain) is
seeking to sell about 8,000 towers in Kuwait and Saudi Arabia.
The sale will probably attract telecom companies with
businesses in the region as well as private-equity firms.
Reportedly, Zain is working with Citigroup on the sale of its
tower network, which may fetch as much as $2bn. (Bloomberg)
 Bank Dhofar BoD proposes 10% cash dividend and 10%
bonus shares – Bank Dhofar’s board of directors has proposed
a cash dividend of 10%, amounting to OMR13.43mn and a
bonus share issue of 10%, amounting to 134.3mn shares of
OMR0.10 par value each. A resolution to approve these
distributions will be presented to the company’s shareholders at
the AGM scheduled on March 24, 2015. The proposed
dividends and bonus shares are subject to the approval by the
Central Bank of Oman. (MSM)
 Zain Bahrain plans 4G network expansion – Zain Bahrain has
announced a planned network expansion to increase its overall
4G LTE network capacity. This move will enable the company to
continue delivering superior quality of service and customer
experience for its growing customer base. (GulfBase.com)
 BBK plans bond issue to refinance maturing $500mn debt –
BBK, formerly known as the Bank of Bahrain & Kuwait, is
planning its first debt issue since 2010 to refinance an existing
$500mn bond maturing in October 2015. BBK’s CEO,
Abdulkarim Bucheery said the offering will have a lifespan of
around 5-7 years, and the bond’s term will depend on market
conditions. Reportedly, BBK has picked BNP Paribas, HSBC
and the National Bank of Abu Dhabi to handle the offering.
BBK's existing $500mn bond was issued in October 2010, which
was arranged by Citigroup, Deutsche Bank and HSBC.
(Reuters)

6. 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.
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Page 6 of 6
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
2.6%
0.5% 0.3% 0.5%
(0.1%)
(0.3%)
0.4%
(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 1,284.49 (0.6) (0.7) 8.4 MSCI World Index 1,689.20 (1.0) (1.1) (1.2)
Silver/Ounce 18.00 (0.4) (1.7) 14.6 DJ Industrial 17,191.37 (1.1) (2.7) (3.5)
Crude Oil (Brent)/Barrel (FM
Future)
48.47 (2.3) (0.7) (15.5) S&P 500 2,002.16 (1.3) (2.4) (2.8)
Crude Oil (WTI)/Barrel (FM
Future)
44.45 (3.9) (2.5) (16.6) NASDAQ 100 4,637.99 (0.9) (2.5) (2.1)
Natural Gas (Henry
Hub)/MMBtu
2.89 (2.1) (2.5) (3.5) STOXX 600 369.08 0.1 0.5 1.1
LPG Propane (Arab Gulf)/Ton 47.38 (4.8) (6.7) (3.3) DAX 10,710.97 0.8 1.5 2.0
LPG Butane (Arab Gulf)/Ton 61.75 (7.8) (10.5) (1.6) FTSE 100 6,825.94 0.1 1.0 1.3
Euro 1.13 (0.8) 0.7 (6.7) CAC 40 4,610.94 (0.3) 0.2 1.3
Yen 117.54 (0.3) (0.2) (1.9) Nikkei 17,795.73 0.2 1.7 3.4
GBP 1.51 (0.4) 1.0 (2.8) MSCI EM 984.65 (0.5) (0.6) 3.0
CHF 1.10 (0.3) (2.6) 9.9 SHANGHAI SE Composite 3,305.74 (1.5) (1.6) 1.5
AUD 0.79 (0.6) (0.3) (3.5) HANG SENG 24,861.81 0.2 0.0 5.3
USD Index 94.47 0.5 (0.3) 4.7 BSE SENSEX 29,559.18 0.1 1.1 10.8
RUB 67.76 0.4 6.4 11.6 Bovespa 47,694.54 (1.9) (2.0) (2.1)
BRL 0.39 (0.2) 0.2 2.8 RTS 765.37 (2.3) (6.8) (3.2)
172.2
136.6
125.1