Qatar stock exchange

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.8% to close at 12,235.9. Gains were led by the Banks &
Financial Services and Real Estate indices, rising 1.3% and 0.8%, respectively.
Top gainers were Masraf Al Rayan and National Leasing, rising 4.4% and 2.7%,
respectively. Among the top losers, Qatar General Insurance & Reinsurance
Co. fell 2.7%, while Salam International Investment Co. was down 2.5%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.5% to close at 9623.0. Gains were led
by the Energy & Utilities and Transport indices, rising 2.9% each. Saudi
Industrial Dev. rose 6.3%, while National Shipping Co. of Saudi was up 4.6%.
Dubai: The DFM Index gained 0.3% to close at 3,751.8. The Services index
rose 1.1%, while the Real Estate & Construction index gained 0.7%. Al-Madina
for Finance and Investment Co. and Ekttitab Holding Co. were up 4.3% each.
Abu Dhabi: The ADX benchmark index fell 0.3% to close at 4,578.2. The
Energy index declined 3.0%, while the Industrial index was down 1.3%. Al
Dhafra Insurance fell 10.0%, while Int. Fish Farming Holding was down 9.9%.
Kuwait: The KSE Index declined 0.1% to close at 6,510.3. The Technology
index fell 1.8%, while the Oil & Gas index declined 0.3%. Al-Qurain Holding
Co. plunged 15.4%, while Gulf Franchising Holding Co. was down 7.6%.
Oman: The MSM index fell 0.1% to close at 6521.6. Losses were led by the
Industry and Financial indices, falling 0.2% and 0.1%, respectively. National
Aluminium products fell 8.8%, while Al Madina Takaful was down 2.3%.
Bahrain: The BHB Index gained 0.3% to close at 1,471.2. The Commercial
Bank index rose 0.5%, while the Investment index was up 0.2%. Al Salam
Bank – Bahrain gained 5.6%, while Khaleeji Commercial Bank was up 2.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Masraf Al Rayan 47.00 4.4 872.6 6.3
National Leasing 21.25 2.7 498.9 6.3
Mazaya Qatar Real Estate Dev. 19.60 2.6 729.2 2.3
Qatar Islamic Bank 103.60 2.6 52.2 1.4
Vodafone Qatar 18.05 2.3 1,078.8 9.7
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 48.00 0.9 2,784.7 14.6
Vodafone Qatar 18.05 2.3 1,078.8 9.7
Masraf Al Rayan 47.00 4.4 872.6 6.3
Mazaya Qatar Real Estate Dev. 19.60 2.6 729.2 2.3
National Leasing 21.25 2.7 498.9 6.3
Market Indicators 09 Mar 15 08 Mar 15 %Chg.
Value Traded (QR mn) 475.6 251.1 89.4
Exch. Market Cap. (QR mn) 663,476.4 660,738.2 0.4
Volume (mn) 10.1 5.3 90.1
Number of Transactions 5,271 3,887 35.6
Companies Traded 41 41 0.0
Market Breadth 26:12 20:19 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,712.21 0.8 0.8 2.1 N/A
All Share Index 3,227.62 0.6 0.6 2.4 14.6
Banks 3,271.39 1.3 1.0 2.1 14.9
Industrials 4,035.39 (0.1) 0.3 (0.1) 13.8
Transportation 2,509.04 0.4 1.7 8.2 14.1
Real Estate 2,410.10 0.8 (0.1) 7.4 13.5
Insurance 4,124.09 0.1 0.8 4.2 17.9
Telecoms 1,417.63 (0.1) 0.4 (4.6) 18.8
Consumer 7,165.74 0.1 (0.1) 3.7 28.2
Al Rayan Islamic Index 4,407.27 1.0 0.8 7.5 15.0
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
National Shipping Co. Saudi Arabia 42.42 4.6 4,885.7 24.8
Masraf Al Rayan Qatar 47.00 4.4 872.6 6.3
Bank Of Sharjah Abu Dhabi 1.89 4.4 120.0 (3.1)
Jabal Omar Dev. Co. Saudi Arabia 76.82 3.6 3,591.6 46.3
Gulf Cable & Electricity Kuwait 0.64 3.2 54.2 (7.2)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
NBQ Abu Dhabi 2.91 (8.5) 205.7 (14.6)
United Arab Bank Abu Dhabi 6.51 (7.0) 60.0 0.2
Ithmaar Bank Bahrain 0.16 (6.1) 102.0 (3.1)
Dana Gas Abu Dhabi 0.43 (4.4) 3,827.3 (14.0)
Saudi Arabian Mining Saudi Arabia 43.96 (4.0) 12,094.6 43.8
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar General Insur. & Reins. Co. 69.00 (2.7) 4.2 16.9
Salam International Investment Co 14.20 (2.5) 462.5 (10.4)
Qatar Industrial Manufacturing Co. 49.30 (1.4) 74.1 13.7
Dlala Brokerage & Inv Holding Co. 43.90 (1.0) 90.0 2.6
Qatar Electricity & Water Co. 188.20 (0.9) 16.7 0.4
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 48.00 0.9 133,990.4 14.6
Gulf International Services 96.70 1.3 43,035.1 (0.4)
Masraf Al Rayan 47.00 4.4 40,726.5 6.3
Industries Qatar 147.00 (0.7) 34,534.7 (12.5)
Commercial Bank of Qatar 69.90 0.7 21,996.9 2.0
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* 12,235.92 0.8 0.8 (1.7) (0.4) 130.62 182,190.6 15.2 1.9 3.8
Dubai 3,751.76 0.3 0.1 (2.9) (0.6) 115.86 92,795.6 7.5 1.4 5.0
Abu Dhabi 4,578.20 (0.3) (0.2) (2.3) 1.1 61.28 127,891.9 12.3 1.6 3.9
Saudi Arabia 9,622.96 0.5 1.1 3.3 15.5 2,713.29 557,886.0 19.4 2.3 2.7
Kuwait 6,510.26 (0.1) (0.4) (1.4) (0.4) 32.52 100,118.6 17.4 1.1 3.8
Oman 6,521.60 (0.1) (0.1) (0.6) 2.8 11.97 18,210.5 10.7 1.4 4.4
Bahrain 1,471.18 0.3 0.3 (0.2) 3.1 1.43 22,948.5 9.8 0.9 4.5
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,100
12,150
12,200
12,250
12,300
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 0.8% to close at 12,235.9. The Banks &
Financial Serv. and Real Estate indices led the gains. The index
rose on the back of buying support from Qatari shareholders
despite selling pressure from non-Qatari shareholders.
 Masraf Al Rayan and National Leasing were the top gainers,
rising 4.4% and 2.7%, respectively. Among the top losers, Qatar
General Insurance & Reinsurance Co. fell 2.7%, while Salam
International Investment Co. was down 2.5%.
 Volume of shares traded on Monday rose by 90.1% to 10.1mn
from 5.3mn on Sunday. However, as compared to the 30-day
moving average of 14.2mn, volume for the day was 28.7% lower.
Barwa Real Estate Co. and Vodafone Qatar were the most
active stocks, contributing 27.4% and 10.6% to the total volume
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Investcorp Bank
Capital
Intelligence
Bahrain
FSR/LT FCR/ST
FCR/ SR
BBB/BBB/A3/4 BBB/BBB/A3/4 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC
– Local Currency)
Earnings Releases
Company Market Currency
Revenue
(mn) 4Q2014
% Change
YoY
Operating Profit
(mn) 4Q2014
% Change
YoY
Net Profit (mn)
4Q2014
% Change
YoY
Takaful Emarat – Insurance* Dubai AED 98.2 28.6% – – 7.2 NA
Al Fujairah National
Insurance Co. (AFNIC)*
Abu Dhabi AED 117.2 0.4% 11.7 -7.2% 18.1 -4.1%
KAMCO Investment Co.
(KAMCO)*
Kuwait KD – – – – 2.0 NA
Source: Company data, DFM, ADX, MSM (*FY2014 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/09 EC Sentix Behavioral Ind. Sentix Investor Confidence March 18.6 15.0 12.4
03/09 France Banque De France Bank of France Bus. Sentiment February 96.0 98.0 98.0
03/09 Germany German Fed. Statis. Off Trade Balance January 15.9B 19.5B 18.9B
03/09 Germany German Fed. Statis. Off Current Account Balance January 16.8B 16.5B 25.6B
03/09 Germany Deutsche Bundesbank Exports SA MoM January -2.10% -1.50% 2.80%
03/09 Germany Deutsche Bundesbank Imports SA MoM January -0.30% 0.50% -0.70%
03/09 Spain INE INE House Price Index QoQ 4Q2014 0.20% – 0.20%
03/09 Spain INE INE House Price Index YoY 4Q2014 1.80% – 0.30%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 BRES’ net profit soars 102% YoY in FY2014, completes
transaction with Qatari Diar – Barwa Real Estate Company’s
(BRES) net profit surged by 102% YoY to QR2.78bn in FY2014,
primarily led by higher profit from sale of properties (QR2.93bn
in FY2014 versus QR0.95mn in FY2013) and an increase in
rental income (up 12.1% YoY to QR1.22bn). The company’s
EPS for FY2014 amounted to QR7.14 versus QR3.53 in
FY2013. Further, BRES’ board of directors has recommended
the distribution of cash dividends of 22% (QR2.20 for each
share). Meanwhile, BRES reported completion of its transaction
announced on June 6 and November 17, 2013 with Qatari Diar,
which included selling BRES’ stake in Barwa Bank, Barwa
Commercial Avenue, Barwa Al Sadd, Barwa City and some
other assets. BRES sold 37.34% of the total shares in Barwa
Bank to Qatari Diar for QR7.63bn and 95% of the total shares in
Barwa Commercial Avenue to Labregah Real Estate Company
(wholly owned by Qatari Diar) for QR9.02bn in order to reduce
its debts. The assets, which were not transferred to Qatari Diar,
include some local and international assets in BRES’ investment
portfolio, which amounted to QR1.4bn. However, the transaction
recorded loss of QR239mn in the financial statements for the
year ended December 2014, due to the low value of those
assets and some costs associated with them. BRES will put an
investment in those assets in future to increase shareholders’
returns. (QSE)
 QSE suspends QIMD, QGTS, AKHI shares on March 10 –
The Qatar Stock Exchange (QSE) has announced trading
suspension in Qatar Industrial Manufacturing Company’s
(QIMD) and Qatar Gas Transport Company’s (QGTS) shares on
March 10, 2015 due to their AGM being held on that day. QSE
has also suspended Al Khaleej Takaful Group’s (AKHI) shares
on March 10, 2015 due to the company’s AGM and EGM being
held on that day. (QSE)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 70.13% 67.41% 12,913,719.56
Non-Qatari 29.88% 32.59% (12,913,719.56)

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 WDAM’s OGM to discuss 25% cash dividend – Widam Food
Company (WDAM) announced that its ordinary general meeting
(OGM) will be held on March 31, 2015 to approve the board’s
recommendation for distributing a cash dividend representing
25% of the capital i.e. QR2.5 per share. OGM will also review
the board’s report on the company’s activities and financial
position for the fiscal year ended December 31, 2014. (QSE)
 QISI sells land for QR44.42mn – Qatar Islamic Insurance
Company (QISI) has sold a land plot measuring 3,027 square
meters located in Lusail Thuaileb area for QR44.42mn after
deducting a commission of QR1,370 per feet. The transaction
resulted in a profit of QR8.28mn which will affect QISI’s financial
statements in 1Q2015. (QSE)
 MARK’s EGM endorses agenda – Masraf Al Rayan (MARK)
announced that its extraordinary general assembly meeting
(EGM) approved an amendment to the Memorandum of
Association (MoA), whereby Qatari Diar for Real Estate
Investment Company (QDREIC) was replaced by Qatar Holding
in the board of directors as well as in the list of Qatari founders.
The EGM also approved amending Article 4 (objects of the
bank) of the Articles of Association adding two new activities,
namely, “dealing in Islamic financial derivatives” and “owning,
leasing & renting real estate properties”. (QSE)
 UDCD shareholders approve 12.5% cash dividend – United
Development Company’s (UDCD) shareholders have approved
a 12.5% cash dividend distribution at their general assembly
meeting. UDCD’s Chairman and Managing Director Turki al-
Khater said the company has continued the streak of successes
through 2014. (Gulf-Times.com)
 QPMC’s cement silo at Mesaieed to be ready by November
– Qatar Primary Materials Company’s (QPMC) Director of
Operations Navjot Singh said that the company’s 60,000-ton
capacity cement silo project at Mesaieed will be operational by
November 2015. He said there would be 12 silos each with
5,000 tons storage capacity. The company plans to provide
cement silos at the gabbro berths to store and discharge more
than 2mn tons of imported cement annually for meeting the
expected increase in demand. Further, the company plans to
develop gabbro quarries outside Qatar as well as provide the
sea logistic supply chain. (Gulf-Times.com)
 MoLSA: Qatar is amending Labor Law – HE the Minister of
Labor & Social Affairs (MoLSA) Dr. Abdullah bin Saleh Al
Khulaifi said that the government is working on developing labor
legislation for protecting the rights of labor and business owners.
HE the Minister highlighted that HH the Emir Sheikh Tamim bin
Hamad Al-Thani had recently approved the necessary
amendments to the labor law related to protecting wages. He
also said that the amendments were a result of cooperation
between the Qatar Central Bank, the Ministry of Finance, Qatar
Chamber for Industry & Commerce and local banks. (Peninsula
Qatar)
 Qatar’s low insurance penetration offers great opportunities
– QCB Governor HE Sheikh Abdullah bin Saud Al Thani said
Qatar’s low insurance penetration provides great opportunities.
The country’s current level of penetration is around 0.5% of
GDP and 1.6% as share of insurance in the global business
sector. He said this meager percentage can be seen as a
revealing factor of great opportunities. The total premium
collections in Qatar amounted to $2bn in 2013 and the five listed
insurers – Qatar Insurance (QATI), Qatar General Insurance &
Reinsurance (QGRI), Al Khaleej Takaful (AKHI), Doha
Insurance (DOHI) and Qatar Islamic Insurance (QISI) – together
accounted for 90% of the market. (Gulf-Times.com)
 Al-Sada: FIFA 2022, Dubai Expo to spur $210bn projects in
GCC – The Minister of Energy & Industry HE Dr. Mohammed
bin Saleh Al-Sada said that the GCC region is investing more
than $210bn in major construction projects, mostly in
preparations for the FIFA World Cup 2022 in Qatar and the
World Expo 2020 in Dubai. Addressing the ‘Intercem Doha
2015’ event, he said this investment includes more than $120bn
for transportation infrastructure such as roads and bridges.
Massive infrastructure projects specifically related to Qatar’s
hosting of the World Cup 2022 will drive the growth of the
region’s cement industry. The minister said the emerging market
construction industries will witness a growth of 5.3% until 2020
as compared to 2.2% in the developed countries. (Gulf-
Times.com, Peninsula Qatar)
 QA’s second A350 XWB commences services to Frankfurt –
Qatar Airways (QA) has received the second A350 XWB aircraft
into its fleet as it commenced flights to Frankfurt on March 7,
2015. The airline is now scheduled to accept the delivery of
three more A350 XWB aircraft later in 2015, all of which will be
deployed on the Doha-Singapore route. (Bloomberg)
 Foster + Partners to design flagship Qatar 2022 stadium –
UK-based architects Foster + Partners have been appointed to
design the Lusail Stadium in Qatar, which will host the final of
the FIFA World Cup tournament in 2022. The Supreme
Committee for Delivery & Legacy said Foster + Partners will be
carrying out the architectural design as part of a team of sports
and stadium design experts, who include ARUP and Populous.
The stadium will also host the opening ceremony and will seat
80,000 spectators, making it the largest proposed stadium for
the World Cup. (Bloomberg)
 Contract for work on logistics zone signed – The logistics
committee at the Ministry of Economy & Commerce and
Manateq (Economic Zones Company) has signed contract for
work for the first logistics zone in Jerri Al Samr, Umm Salal. The
zone will have 21 plots of land for investment across various
storage projects. The overall cost of the infrastructure work
amounts to QR133.205mn and it is expected to be completed
within 22 months. (Gulf-Times.com)
International
 US Budget Office projects $486bn budget deficit – The US
Congressional Budget Office is projecting a $486bn budget
deficit for FY2015, nearly matching the lowest shortfall of
President Barack Obama's term in office. The deficit projection
is slightly larger than the one forecasted by the agency in
January. The Budget Office said the change was mainly due to
increased spending on student loans, Medicare and Medicaid.
The annual deficit topped $1tn in each of Obama's first four
years in office, including a record $1.4tn in 2009. However, the
deficit dipped to $485bn in the financial year that ended in
September 2014. The Republican-run budget committees in the
Congress will soon start drawing up their own spending
blueprints for FY2016, which starts on October 1. (ET)
 OECD: Eurozone growth gaining pace, others stable;
Eurozone sentiment rises in March – According to a report by
the Organisation for Economic Cooperation & Development
(OECD) the Eurozone is increasingly contributing to an
improvement in the global economic growth prospects. The
OECD said its leading indicator showed positive change in
growth momentum in the Eurozone and stable growth
momentum in most other major economies in the OECD area.
The OECD’s Composite Leading Indicator rose to 100.7 in
March 2015 for the Eurozone as a whole from 100.6 in February
2015, and grew to 100.4 from 100.3 for the entire OECD group.
The reading for the US stood stable at 100.2 and for Japan it

4. Page 4 of 6
stayed at 99.8. Among large non-OECD economies, the index
rose to 99.1 in China from 99.0. It edged higher too in Brazil and
India, but fell in Russia to 99.3 from 99.5. Meanwhile, sentiment
in the Eurozone surged to its highest level in 7-1/2 years in
March 2015 as investors heartened by the European Central
Bank's bond-buying program brushed off concerns about the
economic turmoil in Greece. Sentix research group's index that
tracks morale among investors and analysts in the Eurozone
climbed to 18.6 from 12.4 in February, to reach its highest level
since August 2007. (Reuters)
 Japan service sector sentiment improves in February – A
survey by the Japanese Cabinet Office showed the country’s
service sector sentiment index rose to 50.1 in February, rising
for a third straight month. The survey of workers such as taxi
drivers, hotel workers and restaurant staff rose from 45.6 in
January, indicating their confidence about the current economic
conditions. The Cabinet Office said the economy is in a
moderate recovery trend, although there is some weakness.
That compared with its previous view that the economy was
showing weakness in its recovery. The outlook index, indicating
the level of confidence in future conditions, advanced to 53.2 in
February from 50.0 in January. (Reuters)
Regional
 GPCA: GCC petrochemical industry to adopt innovation
strategy – According to a new survey conducted by the Gulf
Petrochemicals & Chemicals Association (GPCA), around 80%
of the Gulf Cooperation Council (GCC) region's major
petrochemical and chemical producers have made innovation
strategy a key business priority, indicating that the
advancement, improvement and modernization of the sector is a
top priority. As per the survey, the number of companies that
have formulated an explicit innovation strategy has doubled from
21% in 2010 to 41% in 2015. Additionally, 38% of surveyed
companies in the Arabian Gulf's chemical industry are seriously
considering implementing an innovation strategy and expect it to
remain a priority over the next ten years. In terms of investment,
the GCC's chemical industry invested an estimated $367mn on
R&D in 2013, around 0.8% of global R&D investments.
(GulfBase.com)
 IDC: MEA ICT spending to cross $270bn in 2015 – According
to research firm International Data Corporation (IDC), the Middle
East and Africa (MEA) region's information & communication
technology (ICT) spending is set to pass $270bn in 2015, with
the region's IT market growing at 9%, the second-fastest of any
global region. IDC predicts strong growth in smart cities,
telecommunication & digital services, and security investments.
Global enterprise software company SAP predicts that with
global ICT growth on the rise, there will be 75bn connected
devices and 2.5bn connections by 2020, unlocking an
opportunity of $65tn in what SAP calls the "Networked
Economy". (GulfBase.com)
 JMC OGM approves 66.5% cash dividend – Jarir Marketing
Company’s (JMC) ordinary general assembly meeting (OGM)
has approved the distribution of 66.5% cash dividend of the
paid-up capital i.e. SR6.65 per share for the full year 2014,
considering the capital increase from 60mn to 90mn shares. The
OGM also approved the related parties contracts and
transactions executed between JMC and other companies that
were owned by some of the board members during 2014, as
well as authorizing the upcoming transactions for the financial
year ending December 31, 2015. Moreover, the OGM has
authorized the board of directors to distribute cash dividends to
the shareholders. (Tadawul)
 IDB prices $1bn 5-year Sukuk – The Islamic Development
Bank (IDB) has successfully priced its $1bn, 5-year trust
certificates (Sukuk) issued at par with a 1.83% semi-annual
profit rate under its $10bn trust certificate issuance program.
The deal was priced at approximately 22 basis points inside the
secondary market levels. The trust certificates will be listed on
the London Stock Exchange, Nasdaq Dubai and Bursa Malaysia
under an exempt regime. CIMB, Dubai Islamic Bank, GIB
Capital, HSBC, National Bank of Abu Dhabi, NCB Capital,
Natixis, RHB Islamic Bank and Standard Chartered Bank acted
as joint lead managers and joint bookrunners, with Bank of
London and Middle East acting as co-managers. The issue saw
strong participation from investors across the Middle East, Asia
and Europe with 50% allocated to MENA, 35% to Asia, and 15%
to Europe, respectively. (GulfBase.com)
 Al-Khodari to submit capital increase application by
2Q2015-end – Abdullah A. M. Al-Khodari Sons Company (Al-
Khodari) is still preparing its capital increase application in
association with the financial advisor GIB Capital. The
application is expected to be submitted to the Capital Market
Authority (CMA) by the end of 2Q2015. The capital will be raised
by offering rights issue shares. (Tadawul)
 SIB EGM approves capital increase – Saudi Investment
Bank’s (SIB) EGM has approved the capital increase via bonus
shares and the additional shares have been deposited into the
investors’ portfolios. (Tadawul)
 Etisalat signs strategic partnership with Ericsson – Emirates
Telecommunication Corporation (Etisalat) has entered into a
strategic partnership with Ericsson to develop the next-
generation mobile technology, 5G. The two companies will
exchange knowledge, share pioneering solutions and tap into
the potential of 5G technology, which will help deliver the future
networked society. (GulfBase.com)
 Oil & gas industry may cancel $1tn projects as price fall –
Amin Nasser, Senior Vice President for upstream operations at
Saudi Arabian Oil Company (Saudi Aramco), said that the steep
fall in energy prices will hit investments in the oil & gas projects
worldwide and the industry may cancel around $1tn of planned
projects globally in the next couple of years. He said the $1tn
figure includes projects that might merely be delayed, not just
those that could be cancelled outright. (Reuters)
 DNIR OGM approves 20% dividend – Dubai National
Insurance & Reinsurance’s (DNIR) ordinary general meeting
(OGM) has approved the distribution of dividend equivalent to
20% of the paid-up share capital. (DFM)
 Deyaar OGM decides not to distribute dividend for 2014 –
Deyaar Development announced that its ordinary general
meeting (OGM) has approved the decision of the board of
directors not to distribute dividends for 2014. (DFM)
 Gulf Related to award building contract for Al Maryah
shopping complex – Gulf Related, the developer of $1bn
shopping center on Al Maryah Island in Abu Dhabi, said that the
main building contract for the center is set to be awarded in May
2015. The developer said work on the 214,000 square meter
mega-mall next to the newly renamed Abu Dhabi Global Market
Square would start in August 2015. Gulf Related is a joint
venture between Gulf Capital and US-based retail developer
Related Companies. (GulfBase.com)
 KAMCO BoD recommends 5% cash dividend – KAMCO
Investment Company’s (KAMCO) board of directors has
recommended the distribution of cash dividend of 5% i.e. 5 fils
per share. This proposal is subject to the approval of regulatory

5. Page 5 of 6
authorities and the company's general assembly.
(GulfBase.com)
 NBK Capital Partners completes exit of Dem
Pharmaceuticals – NBK Capital Partners has completed the
realization of its mezzanine investment in Turkey-based Dem
Pharmaceuticals. The mezzanine investment provided the
necessary funding to launch new products and secure better
terms from suppliers to expedite the growth of the company.
This is the fifth successful realization for NBK Capital Mezzanine
Fund I, the MENA region’s first credit fund providing mezzanine
financing to growing middle market companies. (GulfBase.com)
 KOC plans to float tender for oil service deals in 2015 –
Kuwait Oil Company’s (KOC) CEO Hashem Hashem said that
the company is planning to float a tender for oilfield enhanced
technical service agreements in 2015. BP, Chevron, Total and
Royal Dutch Shell were interested in such deals. He said the
plan is part of efforts to meet the OPEC member state's target of
4mn barrels of oil per day (bpd) by 2020. Kuwait currently
produces around 3mn bpd and exports around two-third of that
output. (Reuters)
 OCI AGM approves 90% cash dividend – Oman Cables
Industry’s (OCI) annual general meeting (AGM) has approved
the distribution of 90% cash dividend on the issued share capital
i.e. 90 baizas per share for the financial year ended December
31, 2014. (MSM)
 Omantel seeks shareholders’ nod for OMR50mn Sukuk
issue – Oman Telecommunications Company (Omantel) is
seeking an approval from its extraordinary general meeting
(EGM) for a planned OMR50mn Islamic debt instrument or
Sukuk issue. The telecommunication firm is working with its
bankers to structure the Sukuk, which includes the tenure of the
issue. (GulfBase.com)
 Al Hassan Engineering receives LOI from GS E&C – Al
Hassan Engineering Co. Abu Dhabi has received a letter of
intent (LOI) from GS Engineering & Construction (GS E&C) for
$26.6mn SMP Part A works for the Rumaitha/Shanayel Phase
III project (Abu Dhabi). The duration of the project is 17 months
from June 2015. (MSM)
 Oman Orix seeks shareholders’ nod for stock, cash
dividend – Oman Orix Leasing has invited its shareholders to
consider and approve the proposal of the board of directors to
distribute a cash dividend of 10% of the issued share capital i.e.
10 baizas per share for the financial year ended December 31,
2014. The shareholders will also discuss and approve the
proposal to distribute bonus share to the shareholders at 3% of
the paid-up capital i.e. 3 shares for each 100 shares. Such
distribution of bonus shares shall result in an increase of the
company’s paid-up share capital from 234,353,440 shares to
241,384,043 shares. (MSM)
 SGRF, OBIC to form new JV entity – Oman's State General
Reserve Fund (SGRF) and Oman Brunei Investment Company
(OBIC) are partnering to establish an aircraft leasing firm with a
capital of OMR200mn. The new joint venture (JV) entity, Oman
Brunei Aviation Leasing Company (OBALC) will invest in and
manage the purchase and lease of commercial aircraft operated
by airlines in the Middle East and globally. SGRF will hold a
30% stake in OBALC, while 60% will be held by OBIC. The
remaining 10% stake will be held by other investors. OBIC is a
50-50 venture between SGRF and the Brunei Investment
Agency. (Reuters)
 DUTYF shareholders approve cash, stock dividends –
Bahrain Duty Free Complex (DUTYF) has announced that both
its annual general meeting (AGM) and extraordinary general
meeting (EGM) approved their proposed agendas including the
distribution of cash dividends equivalent to 50% amounting to 50
fils per share (of which 20 fils per share was already distributed
as interim dividend) and bonus shares of 10%. Hence, DUTYF’s
share shall trade ex-dividend and ex-bonus starting from March
10, 2015 and the adjusted price after the distribution of bonus
shares will be BHD0.836. (Bahrain Bourse)
 L'azurde pays $16.7mn cash dividend for 2014 – Investcorp
has announced that its portfolio company L'azurde has
distributed dividends of $16.7mn to its shareholders, following a
strong performance in 2014. (Bahrain Bourse)
 BKIC open to M&A in GCC region – Bahrain Kuwait Insurance
Company’s (BKIC) CEO Ebrahim Al Rayes said that it is open to
mergers and acquisitions (M&A) to expand its footprint across
the GCC region. He said that the company was focusing on
information & communications technology as the key
differentiator from its competitors. (GulfBase.com)

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
Badar Husain Sahbi Kasraoui Ahmed Al-Khoudary
Head of Trading Manager – HNWI Head of Sales Trading – Institutional
Tel: (+974) 4476 6547 Tel: (+974) 4476 6544 Tel: (+974) 4476 6548
badar.husain@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns;
#
Market closed on 9 March 2015)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Feb-11 Feb-12 Feb-13 Feb-14 Feb-15
QSE Index S&P Pan Arab S&P GCC
0.5%
0.8%
(0.1%)
0.3%
(0.1%)
(0.3%)
0.3%
(0.6%)
0.0%
0.6%
1.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,167.15 (0.0) (0.0) (1.5) MSCI World Index 1,741.84 (0.0) (0.0) 1.9
Silver/Ounce 15.77 (0.9) (0.9) 0.4 DJ Industrial 17,995.72 0.8 0.8 1.0
Crude Oil (Brent)/Barrel (FM
Future)
58.53 (2.0) (2.0) 2.1 S&P 500 2,079.43 0.4 0.4 1.0
Crude Oil (WTI)/Barrel (FM
Future)
50.00 0.8 0.8 (6.1) NASDAQ 100 4,942.44 0.3 0.3 4.4
Natural Gas (Henry
Hub)/MMBtu
2.72 (5.7) (5.7) (9.3) STOXX 600 393.19 (0.2) (0.2) 3.0
LPG Propane (Arab Gulf)/Ton 56.00 (3.0) (3.0) 14.3 DAX 11,582.11 0.3 0.3 5.5
LPG Butane (Arab Gulf)/Ton 65.00 (1.9) (1.9) 3.6 FTSE 100 6,876.47 (0.1) (0.1) 1.6
Euro 1.09 0.1 0.1 (10.3) CAC 40 4,937.20 (0.5) (0.5) 3.7
Yen 121.15 0.3 0.3 1.1 Nikkei 18,790.55 (1.3) (1.3) 6.0
GBP 1.51 0.6 0.6 (2.9) MSCI EM 959.22 (1.2) (1.2) 0.3
CHF 1.01 0.0 0.0 0.9 SHANGHAI SE Composite 3,302.41 1.8 1.8 1.2
AUD 0.77 (0.2) (0.2) (5.8) HANG SENG 24,123.05 (0.2) (0.2) 2.1
USD Index 97.59 (0.0) (0.0) 8.1 BSE SENSEX 28,844.78 (2.6) (2.6) 5.7
RUB 60.35 (0.1) (0.1) (0.6) Bovespa 49,181.01 (3.7) (3.7) (16.4)
BRL 0.32 (1.9) (1.9) (15.1) RTS#
903.45 0.0 0.0 14.3
175.8
142.6
130.0