1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 1.3% to close at 12,130.3. Losses were led by the
Banks & Financial Services and Telecoms indices, falling 2.1% and 1.3%,
respectively. Top losers were Doha Insurance Co. and QNB Group, falling 3.6%
and 2.9%, respectively. Among the top gainers, Qatar German Co for Medical
Devices gained 2.8%, while Al Khaleej Takaful Group was up 1.5%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.3% to close at 9,462.6. Losses were led
by Real Est. Dev. and Insurance, indices falling 2.4% and 1.4%, respectively.
Arabia Insurance Coop. fell 4.0%, while Jabal Omar Dev. was down 3.6%.
Dubai: The DFM Index declined 0.3% to close at 3,747.4. Financial &
Investment index fell 2.0%, while the Real Estate & Construction index was
down 1.3%.Takaful House fell 8.7%, while Gulf Navigation was down 7.5%.
Abu Dhabi: The ADX benchmark index fell 0.1% to close at 4,672.6. The
Telecommunication and Banks index declined 0.4% each. International Fish
Farming Holding declined 9.9%, while Gulf Cement was down 9.3%.
Kuwait: The KSE Index rose 0.1% to close at 6,562.5. The Industrial index
gained 1.1%, while the Telecommunication index rose 0.5%. United Projects
for Aviation Services Co. gained 8.2%, while Hilal Cement Co. was up 6.1%.
Oman: The MSM Index fell 0.3% to close at 6,543.9. Losses were led by the
Industrial and Financial indices, falling 0.7% and 0.6%, respectively. Voltamp
Energy fell 5.9%, while Oman and Emirates Inv. Holding was down 4.1%.
Bahrain: The BHB Index declined 0.4% to close at 1,464.2. The Commercial
Bank index fell 0.8%, while the other indices ended flat. Zain Bahrain declined
5.1%, while BBK was down 1.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar German Co for Medical Dev. 11.17 2.8 156.6 10.0
Al Khaleej Takaful Group 55.00 1.5 444.2 8.3
Zad Holding Co. 90.80 0.9 0.7 8.1
Qatar Industrial Manufacturing Co. 50.10 0.6 110.6 15.6
Qatar General Insur. & Reins. Co. 68.90 0.6 13.6 16.8
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 17.80 (1.1) 596.3 8.2
Barwa Real Estate Co. 48.70 (1.4) 528.7 16.2
Ezdan Holding Group 15.45 (1.0) 501.2 3.6
Al Khaleej Takaful Group 55.00 1.5 444.2 8.3
Masraf Al Rayan 45.50 (2.8) 292.6 2.9
Market Indicators 04 Mar 15 03 Mar 15 %Chg.
Value Traded (QR mn) 275.7 406.5 (32.2)
Exch. Market Cap. (QR mn) 659,341.8 668,009.2 (1.3)
Volume (mn) 5.2 8.6 (39.5)
Number of Transactions 3,753 5,472 (31.4)
Companies Traded 41 41 0.0
Market Breadth 8:32 9:30 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,509.59 (1.3) (1.6) 1.0 N/A
All Share Index 3,198.71 (1.2) (1.4) 1.5 15.2
Banks 3,227.46 (2.1) (2.0) 0.7 14.7
Industrials 4,001.67 (0.4) (1.1) (0.9) 13.7
Transportation 2,475.65 (0.6) 1.4 6.8 14.0
Real Estate 2,393.07 (1.0) (2.5) 6.6 19.4
Insurance 4,126.35 0.0 0.5 4.2 17.9
Telecoms 1,415.35 (1.3) (0.6) (4.7) 18.7
Consumer 7,200.98 (0.9) (1.0) 4.2 28.3
Al Rayan Islamic Index 4,376.25 (1.0) (1.2) 6.7 17.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Gulf Pharmaceutical Abu Dhabi 3.16 5.3 3.3 9.3
Ajman Bank Dubai 2.25 5.1 192.9 (19.6)
Aramex Dubai 3.25 4.2 1,540.8 4.8
Al Tayyar Travel Group Saudi Arabia 139.88 3.3 872.7 17.6
Com. Bank Of Kuwait Kuwait 0.63 3.3 20.0 0.0
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Sharjah Islamic Bank Abu Dhabi 1.82 (4.2) 392.9 3.4
Jabal Omar Dev. Co. Saudi Arabia 74.78 (3.6) 3,425.8 42.4
Co. for Coop. Ins. Saudi Arabia 85.64 (3.2) 955.6 71.5
QNB Group Qatar 198.00 (2.9) 104.1 (7.0)
Masraf Al Rayan Qatar 45.50 (2.8) 292.6 2.9
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Doha Insurance Co. 27.00 (3.6) 37.2 (6.9)
QNB Group 198.00 (2.9) 104.1 (7.0)
Masraf Al Rayan 45.50 (2.8) 292.6 2.9
Qatari Investors Group 44.00 (2.4) 14.5 6.3
Ahli Bank 49.00 (1.7) 2.0 (1.3)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Navigation 106.00 (0.5) 28,510.5 6.5
Barwa Real Estate Co. 48.70 (1.4) 25,944.9 16.2
Al Khaleej Takaful Group 55.00 1.5 24,473.3 8.3
QNB Group 198.00 (2.9) 20,860.4 (7.0)
Commercial Bank of Qatar 69.00 (1.3) 17,268.2 0.7
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* 12,130.25 (1.3) (2.5) (2.5) (1.3) 92.10 181,055.3 15.0 1.9 3.8
Dubai 3,747.38 (0.3) (3.0) (3.0) (0.7) 129.78 87,193.9 7.5 1.3 5.0
Abu Dhabi 4,672.60 (0.1) (0.3) (0.3) 3.2 65.47 128,806.9 12.2 1.6 3.7
Saudi Arabia 9,462.59 (0.3) 1.6 1.6 13.6 1,974.72 549,389.8 19.0 2.3 2.8
Kuwait 6,562.50 0.1 (0.6) (0.6) 0.4 47.02 101,820.9 17.3 1.1 3.8
Oman 6,543.90 (0.3) (0.2) (0.2) 3.2 9.65 24,622.6 10.5 1.4 4.3
Bahrain 1,464.15 (0.4) (0.7) (0.7) 2.6 2.83 22,844.7 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
12,350
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 declined 1.3% to close at 12,130.3. The Banks &
Financial Services and Telecoms indices led the losses. The
index fell on the back of selling pressure from non-Qatari
shareholders despite buying support from Qatari shareholders.
 Doha Insurance Co. and QNB Group were the top losers, falling
3.6% and 2.9%, respectively. Among the top gainers, Qatar
German Co for Medical Devices gained 2.8%, while Al Khaleej
Takaful Group was up 1.5%.
 Volume of shares traded on Wednesday fell by 39.5% to 5.2mn
from 8.6mn on Tuesday. Further, as compared to the 30-day
moving average of 15.1mn, volume for the day was 65.6% lower.
Vodafone Qatar and Barwa Real Estate Co. were the most
active stocks, contributing 11.5% and 10.2% to the total volume
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/04 US MBA MBA Mortgage Applications 27-February 0.10% – -3.50%
03/04 US ADP ADP Employment Change February 212K 219K 250K
03/04 US ISM ISM Non-Manf. Composite February 56.9 56.5 56.7
03/04 EU Eurostat Retail Sales MoM January 1.10% 0.20% 0.40%
03/04 EU Eurostat Retail Sales YoY January 3.70% 2.30% 3.10%
03/04 UK BRC BRC Shop Price Index YoY February -1.70% -1.20% -1.30%
03/04 Spain Markit Spain Services PMI February 56.2 56.6 56.7
03/04 Spain Markit Spain Composite PMI February 56.0 56.6 56.9
03/04 Italy Markit ADACI Italy Services PMI February 50.0 51.4 51.2
03/04 Italy Markit ADACI Italy Composite PMI February 51.0 51.4 51.2
03/04 China Markit HSBC China Composite PMI February 51.8 – 51.0
03/04 China Markit HSBC China Services PMI February 52.0 – 51.8
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QNBK: Qatar oil production drops to 674,000 bpd in
January – QNB Group (QNBK) in its ‘Monthly Monitor’ said that
Qatar’s crude oil production fell in January to 674,000 barrels
per day (bpd), although the redevelopment plans should
stabilize output going forward. Qatar Petroleum (QP) is
implementing a redevelopment program to ensure steady
production at its oilfields. This heavy investment in maturing
oilfields should limit further declines in oil production. The report
said Qatari oil prices fell in January owing to weaker global
demand. The stagnant Eurozone economy, the recession in
Japan and the slowdown in emerging markets, especially China,
are contributing to the weakness in hydrocarbon demand and an
oil supply glut, which is putting downward pressure on oil prices.
The country’s international reserves fell slightly to $41.1bn at the
end of January as compared to $41.9bn at the end of January
2014. Despite the slight fall, the import cover remains more than
adequate at 7.5 months of prospective imports at the end of
January 2015, well above the IMF-recommended level of three
months for pegged exchange rates. Going forward, QNBK
expects international reserves to remain broadly stable at eight
months of prospective import cover over the medium term,
notwithstanding the lower trade surplus. (Peninsula Qatar)
 Ezdan Group update – The Board of Directors of Ezdan
Holding Group have decided to recommend to the next General
Assembly an amendment of the resolution (Dated: 7/04/2013).
This is regarding the sale of the Group’s real estates and the
purchase of shares of listed companies or companies under
formation within five years, in order to diversify the group’s
investments. This will be included on the agenda of the first
meeting of the AGM held by the group. (QSE)
 DHBK EGM approves issuance of QR2bn Tier 1 capital
instruments – The extraordinary general assembly (EGM) of
Doha Bank (DHBK) gave approval to the bank to issue Tier 1
capital instruments worth QR2bn. The issuance of these
instruments will enhance the bank’s Tier 1 capital base and
strengthen its capital adequacy ratio. The bank’s shareholders
also gave nod to issue debt bonds using the Doha Bank EMTN
program. DHBK Chairman Fahad bin Mohammad bin Jabor Al
Thani said that the bank’s future plans include implementation of
an effective risk management strategy both at local and
international fronts, recruiting Qatari nationals, enhancing the
levels of staff performance by recruiting highly experienced &
qualified human resources, improving banking services delivery
channels, upgrading the level of corporate governance in the
bank, diversifying its income sources and strengthening the
financial position with a view to achieving the highest level of
operational performance. The ordinary general assembly also
endorsed the board’s recommendation to distribute cash
dividends of QR4.00 per share to the shareholders. (Peninsula
Qatar)
 ORDS, Telefonica sign strategic partnership agreement,
buys LG Uplus’ IoT platform – Ooredoo (ORDS) has entered
into a strategic partnership agreement with Spain-based
Overall Activity Buy %* Sell %* Net (QR)
Qatari 66.02% 61.48% 12,503,086.69
Non-Qatari 33.98% 38.51% (12,503,086.69)

3. Page 3 of 6
Telefonica. Under the terms of the agreement, ORDS will join
Telefonica’s Partners Program, providing ORDS access to the
Spanish operator’s scale and knowledge across key business
areas. These include alignment in technology projects, a
common approach to multinational clients for M2M &
international wholesale, managed mobility & data services, as
well as staff development and training programs. The aim is to
optimize the purchasing costs of Ooredoo’s affiliates in selected
types of network and customer equipment. Further, ORDS has
announced a new partnership with Portuguese mobile
application development company iMobileMagic at the ongoing
Mobile World Congress in Barcelona, Spain. Additionally, ORDS
has announced that its customer base exceeded 100mn across
its footprint in the Middle East, North Africa and Southeast Asia.
The company had achieved this milestone in 4Q2014.
(Bloomberg, Gulf-Times.com)
 QCB Chief: Oil slump impact ‘limited’ on Qatar financial
sector – HE the Qatar Central Bank Governor, Sheikh Abdullah
bin Saoud al-Thani said the fall in oil prices has had “limited
impact” on Qatar’s financial sector. Total assets of the banking
system continued to grow robustly at around 5% in 2H2014
driven by credit to the private sector and rise in Islamic finance.
At the end of December 2014, the banking system remained
well capitalized and profitable. In fact, credit quality has
improved, with the Tier I capital ratio well above the regulatory
minimum required under the Basel III framework and the NPL
ratio falling, while remaining below 2%. The profitability levels
also remain high, with return on assets in excess of 2%, which
reflects an improvement during 2H2014. Thus, the banking
sector continues to be resilient and robust despite the fall in
global oil prices and associated uncertainties, reflecting the
strong macroeconomic performance and sound policies. (Gulf-
Times.com)
International
 Global business growth at five-month high in February;
business activity rises as central banks loosen up –
According to a business survey, global business activity picked
up at the fastest pace in five months in February as new orders
flooded in, even though companies raised prices. JPMorgan's
Global All-Industry Output Index, produced with Markit, jumped
to 53.9 in February from January's 53.0. It has now held above
the 50 mark since October 2012. An index measuring prices
charged rose to a three-month high of 50.6; however, the
increases did not stop the new-orders index from reaching a
five-month high of 54.0. Meanwhile, a similar survey showed a
global PMI covering the service industry rose to a five-month
high of 54.0 from January's 53.0. Global manufacturing activity
also accelerated in February. Meanwhile, global business
activity picked up in February just as many central banks around
the world further loosened their monetary policy to try and drive
up stubbornly low inflation and revive moribund economies.
According to recent surveys, the growth in China's service
industry accelerated and India expanded at an eight-month high
while firms across the Eurozone ramped up operations at the
fastest rate in seven months. The survey results come days
after the People's Bank of China cut interest rates, shortly
followed by the Reserve Bank of India. The European Central
Bank is about to embark on a trillion-euro stimulus program.
(Reuters)
 US service sector activity rises in February; private sector
adds jobs, but growth slows – A gauge of growth in the US
services sector was modestly stronger than expected in
February, helped as an index on employment rebounded from
the recent weakness. The Institute for Supply Management said
its services index was 56.9 in February, up slightly from 56.7 in
January. The survey's employment index jumped to 56.4 from
51.6, moving from its lowest level since February 2014 to its
highest level since October. Meanwhile, Financial data firm
Markit said the final reading of its Purchasing Managers Index
for the services sector rose to 57.1 in February, its highest level
since October. The reading was roughly even with the
preliminary reading of 57.0 but up from the 54.2 recorded in
January. Meanwhile, the ADP National Employment Report,
jointly developed with Moody's Analytics showed private
employers in the US added fewer jobs than expected in
February, with the gains declining as well from January's revised
level as growth slowed in some sectors. The report showed a
gain of 212,000 private-sector jobs. Reuters had forecast the
ADP to show a gain of 220,000 jobs. January's private payrolls
were also revised upward to 250,000 from the previously
reported 213,000. (Reuters)
 Germany says Eurozone has hands full with existing Greek
bailout program – Germany and the European Commission
said that talk of a third bailout for Greece was premature, while
Spain's Economy Minister was insistent that further support was
almost inevitable. Economy Minister Luis de Guindos said
Athens was unlikely to return to capital markets by June, when
an extension of its bailout expires, and so some form of further
aid program looked likely. German Chancellor Angela Merkel
said she was focusing on the current bailout, now extended for
four months. De Guindos had already suggested that the
Eurozone was talking about another bailout for Greece, with a
package worth between €30bn and €50bn under discussion,
prompting denials from Eurozone officials. De Guindos said that
the size of any third support deal is yet to be agreed and that
Eurozone finance ministers would examine Greece's liquidity
needs and debt maturities at its Eurogroup meeting next week.
Meanwhile, the International Monetary Fund chief Christine
Lagarde said the success of Greece's reform plan depends on
the framework that is put in place and how the overhaul is
implemented. (Reuters)
 India's RBI surprises again with post-budget rate cut;
services grow at eight-month high in February – India's
central bank unexpectedly lowered its policy rate for the second
time this year on March 4, backing a government that is pushing
to revive economic growth as inflation cools. Although the
markets had broadly expected the Reserve Bank of India (RBI)
to reduce rates again after a cut in January, few had expected a
move just days after the government unveiled a budget that took
a slower path to lower the fiscal deficit. After cutting the policy
repo rate by 25 basis points to 7.5%, RBI Governor Raghuram
Rajan issued a statement citing his reasons for making the
move a month before a scheduled policy review. Meanwhile, a
business survey showed activity in India's services industry
expanded at its fastest pace in eight months in February as
improving domestic demand drove a surge in new orders. The
HSBC Services Purchasing Managers' Index, which surveys
around 350 private companies and is compiled by Markit, rose
to 53.9 in February from 52.4, its highest since June 2014.The
new business sub-index, which measures demand, jumped to
an eight-month high of 54.1 from 52.1, and while optimism
moderated it remained fairly high. (Reuters)
Regional
 Mobily Chairman clarifies final 2014 financial results –
Etihad Etisalat Company’s (Mobily) Chairman, Sulaiman Al-
Gwaiz has given a clarification for the sharp revision in the
company’s final financial results for 2014. He confirmed that the
revisions reflect all the precaution measures taken to mitigate
medium and long-term risks. The chairman said that the
additional reported losses of SR1.13bn for 4Q2014 are primarily

4. Page 4 of 6
attributed to the precautionary measures, which have been
approved by the board of directors. He added that the company
has fulfilled all financial obligations regarding the repayment of
loans and the related Murabaha expenses for 2014, and the
company does not foresee any potential difficulties in repaying
future loan installments. (GulfBase.com)
 S&P: Falling oil prices are unlikely to spur Sukuks in Gulf –
According to global credit rating agency Standard and Poor’s
(S&P), falling oil prices are unlikely to spur Gulf’s Islamic debt
issue in 2015, even as no “meaningful” correlation between oil
price swings and trends in GCC sovereign Sukuk issuance
could be ferreted out. It said the upside for sovereign Sukuk
issuance in countries in the GCC region is limited in 2015.
Although lower oil prices will lead to fiscal deficits in some
countries in the GCC region, S&P said most governments’ net
asset positions will likely remain strong enough to enable their
financing. It said the extent and duration of the oil price fall will
likely most affect the financing needs of those GCC sovereigns
where expenditure side responses or liquid reserves are not
available to cover fiscal deficits resulting from lower oil
revenues. While keeping an eye on the likely financing mix for
regional mega-projects, S&P continue to expect that most
sovereign Sukuk issues will relate to essential infrastructure
projects and refinancing needs. The tightening fiscal positions of
regional governments may also spur GRE (government-related
enterprises) debt issuance that can facilitate off-balance sheet
financing. (Gulf-Times.com)
 MoCI: SR2tn invested in 6,871 industries across the
Kingdom – The Saudi Minister of Commerce & Industry (MoCI),
Tawfiq Al-Rabiah said that more than SR2tn has been invested
in 6,871 industries across the Kingdom, employing 935,000
people, mostly expatriates. He emphasized the Kingdom’s
determination to increase its industrial exports. He also
expected a growth rate of 2-6% for the sector over the next five
years. (GulfBase.com)
 PMI: Saudi non-oil private sector grows in February – The
growth in Saudi Arabia's non-oil private sector accelerated to a
four-month high in February 2015 as lavish handouts to citizens
by the new king buoyed the economy despite the plunge in oil
prices. The seasonally adjusted SABB HSBC Saudi Arabia
Purchasing Managers' Index (PMI) rose to 58.5 points in
February 2015 from 57.8 in January 2015. Output growth
jumped to 64 points in February 2015 from 60.3 in January
2015, although new order growth fell marginally to 65.6.
Employment growth accelerated to 54 points from 52.8. Input
price inflation slowed to 52.5 points, while output price inflation
edged up to 50.2. Meanwhile, growth in business activity in the
UAE's non-oil private sector slowed to a five-month low in
February 2015, but remained strong and above the average for
2014. (GulfBase.com)
 KSA, Korea sign nuclear power MoU – Saudi Arabia and
South Korea have signed a MoU to cooperate on the
development of nuclear energy. The MoU calls for South Korean
firms to help build at least two small-to-medium sized nuclear
reactors in Saudi Arabia at a cost of around $2bn. The oil
exporter currently has no nuclear power, but it aims to build 17
gigawatts (GW) of nuclear power by 2032 along with around 41
GW of solar capacity. (Reuters)
 Alkhabeer to expand capital markets business, apply for
listing – Alkhabeer Capital’s CEO, Ammar Shata said that the
firm is planning to expand its discretionary management
business and apply for a listing on the Saudi stock exchange
later in 2015. He said this is going to be firm’s main business in
the coming five years, handling no less than $3bn in assets
under management. Alkhabeer is preparing an application for a
listing on the Saudi bourse, which will be submitted before the
end of 2015, complementing a planned overseas expansion.
(Reuters)
 McDermott wins Marjan field EPCI contract – McDermott
Middle East has been awarded the initial work for a large power
supply system replacement contract by Saudi Aramco for the
Marjan field, located offshore Saudi Arabia. The brownfield
project comprises integrated engineering, procurement,
construction, installation (EPCI) and replacement of the decks of
two existing tie-in platforms. The work also includes the salvage
of existing gas turbine generators and the installation of two new
115kV subsea power and communication cables. Work is
expected to be executed through 4Q2016. (Bloomberg)
 Orascom Construction offers 11% of shares in $185mn IPO
– Orascom Construction plans to offer 11% of its shares on the
Cairo bourse to raise $185mn. The company is being spun off
from OCI NV, which will retain its fertilizer and chemicals
operation. The construction business is seeking a dual listing on
the Egyptian stock market and NASDAQ Dubai. The company
said it would issue a total of 12.984mn shares to both retail and
institutional investors at a price of $14.26 per share. The firm
expects its new shares to start trading on the Egypt exchange
between March 9 and March 11. (Reuters)
 Etihad signs AED8mn deal with CIRTA – Etihad Airways and
CIRTA Electro Mechanical & Maintenance, a Khalifa Fund
member, have signed an AED8mn agreement that will see
CIRTA develop customized software for the airline’s cabin crew
transport system. CIRTA’s software will be customized to
Etihad’s unique specifications, significantly improving the crew
transportation routes for travel to Abu Dhabi airport.
 Aramex’s BoD recommends 14% cash dividend – Aramex’s
board of directors has recommended the distribution of 14%
cash dividend of the company’s paid-up capital for 2014. (DFM)
 flydubai reports AED4.4bn revenues in 2014 – flydubai
reported a net profit of AED250mn in 2014, reflecting an
increase of 12.3% YoY with a total revenue of AED4.4bn for the
year ending December 31, 2014. The airline has added 23 new
routes in 2014 to create a network of 86 destinations, and has
increased the frequency on many of its existing routes. Weekly
flight frequencies to Beirut increased from 14 to 21, to Kuwait
from 53 to 77, to Muscat from 28 to 41, to Salalah from 3 to 5
and flights to Tbilisi in Georgia have been converted to a daily
service. The airline now operates 1,400 flights per week.
(GulfBase.com)
 Al Zorah awards AED115mn contract in Ajman – Al Zorah, a
partnership between the Ajman Government and Solidere
International, has awarded a contract worth AED115mn for
completing the first phase of infrastructure works at the Ajman
waterfront project. The contract has been awarded to AIMS
Group to cover the remaining road and utility networks. Al Zorah
has now invested more than AED500mn in building
infrastructure. (GulfBase.com)
 UAB’s OGM approves cash, stock dividends – United Arab
Bank (UAB) announced that its ordinary general meeting (OGM)
has approved a 10% cash dividend totaling AED114.6mn (10%
of paid-up capital). Moreover, the OGM approved a 20% stock
dividend totaling AED229.2mn (20% of paid-up capital). The
record date for the dividend entitlement is set for March 15,
2015 and the last date to participate is on March 11, 2015. The
dividend will be paid to shareholders on March 24, 2015. UAB
reported a 10% rise in its net profit for 2014 to AED605mn as
compared to AED552mn in 2013. (ADX)

5. Page 5 of 6
 ADCB’s OGM approves 40% cash dividend – Abu Dhabi
Commercial Bank’s (ADCB) ordinary general meeting (OGM)
has approved its board of directors’ proposal to distribute cash
dividends equal to 40% of the bank’s capital to shareholders for
the year 2014. (ADX)
 Emirates NBD brand valued at AED6.53bn; plans potential
benchmark bond issue – Emirates NBD has been named the
most valuable banking brand in the UAE with a valuation of
AED6.53bn, showing an increase of 40% YoY. Ranked third
among all banks in the Middle East & Africa region and 106th
among the top 500 global banks, Emirates NBD has moved up
24 places from the 2014 rankings. Meanwhile, Emirates NBD
has picked six banks to arrange investor meetings across
Europe ahead of its potential benchmark bond issue. The bank
has mandated Bank of America Merrill Lynch, BNP Paribas,
Deutsche Bank, HSBC, ING and itself to arrange for investor
meetings. (GulfBase.com, Reuters)
 Senaat, Japanese consortium invest in AED1.1bn steel pipe
venture – General Holding Corporation (Senaat) and a
Japanese consortium are jointly investing AED1.1bn in a steel
pipe manufacturing facility, in order to meet the demand in the
Middle East's energy & construction sector. Senaat, a major
state-owned investor in the Abu Dhabi market, will hold 51% of
Al Gharbia Pipe Company, while Japan's JFE Steel Corporation
and Marubeni-Itochu Steel will have 27% and 22% stakes,
respectively. The facility located at Abu Dhabi's Khalifa Industrial
Zone will produce 240,000 tons of sour grade steel pipes with
commercial production expected from 2018. (Reuters)
 ADIA bids to acquire Morgan Stanley gas network in Spain
– According to sources, three bidding groups have entered the
second round in the race for acquiring the Spanish natural gas
distributor, Madrilena Red de Gas, which is majority owned by
Morgan Stanley. The Abu Dhabi Investment Authority (ADIA) is
bidding alongside Canada's CPP and German insurer Allianz for
the asset, which is estimated to be worth between €1.2bn and
€1.8bn, including some €500mn of debt. (Reuters)
 Zain Kuwait, Huawei partner to develop 4.5G services – Zain
Kuwait and Huawei have unveiled plans for a new strategic
cooperation that will see the two companies implement 4.5G
services on Zain Kuwait’s network. Zain Kuwait is a mobile
telecommunications company, while Huawei is a leading global
ICT solutions provider based in China. (GulfBase.com)
 MEED: Kuwait to award KD14bn infrastructure projects in
2015 – According to a report by MEED Projects, Kuwait is set to
award about KD14bn worth of projects in 2015, almost double
the value of contracts awarded in 2014 in line with its strategy to
develop the country's infrastructure. The total value of Kuwait’s
projects market (planned and active) is estimated to be around
KD64bn. (GulfBase.com)
 NPI’s AGM approves 16% cash dividend – National
Pharmaceutical Industries’ (NPI) annual general meeting (AGM)
has approved the board of directors’ proposal to distribute cash
dividends at the rate of 16% of the paid-up capital, i.e.
OMR0.016 baizas per share. (MSM)
 ORC’s AGM approves 100% cash dividend – Oman
Refreshment Company’s (ORC) annual general meeting (AGM)
has approved its board of directors proposal to distribute cash
dividends at the rate of 100% of the paid-up capital, i.e.
OMR100 baizas per share. (MSM)
 Al Batinah’s AGM approves 5% cash dividend – Al Batinah
Development & Investment Holding Company’s annual general
meeting (AGM) has approved the board of directors’ proposal to
distribute cash dividend at the rate of 5% of the paid-up capital,
i.e. OMR5 baizas per share for 2014. (MSM)
 Banat Oman signs commercial agreement with MDF –
Petroleum Development Oman (PDO)’s social development
project, Banat Oman has signed a commercial agreement with
Muscat Duty Free (MDF) to produce and supply high quality
handicraft merchandise. (GulfBase.com)
 Oman pumps OMR147mn into power projects – Rural Areas
Electricity Company’s CEO and Distribution Code Review Panel
(DCRP)’s Chairman, Hamad bin Salim Al Maghdari said that
Oman has spent a total of OMR147mn for the implementation of
networks and electricity projects in the rural areas of the
sultanate in 2014. A total of 70 companies operating in the
electricity sector have been approved by DCRP for
implementing future projects during 2014. Till date, the panel
has approved 203 companies of contractors and suppliers,
including 47 small & medium enterprises (SMEs).
(GulfBase.com)
 CBO: Omani banks register 10.9% credit growth in
December – According to a report by the Central Bank of Oman
(CBO), credit disbursed by the commercial banks in Oman to
the private sector registered an increase of 10.9% to
OMR14.7bn at the end of December 2014. The share of the
non-financial corporate sector stood at 47.8%, closely followed
by the household sector at 45.4% (mainly personal loans),
financial corporations at 4.9% and other sectors 1.9%. Of the
total assets, credit disbursement accounted for 68%, which
increased by 11.3% during this period to OMR16.9bn. According
to the report, certificates of deposits issued by the CBO stood at
OMR1.3bn, while the investment in government development
bonds stood at OMR564mn at the end of December 2014. The
share of quasi-money to the total money stock declined to
65.1% in December 2014 as compared to 66.5% in December
2013. However, the broad money supply M2 stood at
OMR13.8bn at end of December 2014, up from OMR11.9bn in
December 2013, registering an increase of 15.3% during the
period. (GulfBase.com)
 Zain Bahrain to pay dividend from March 12 – Zain Bahrain
will pay cash dividends at 5 fils per share as of March 12, 2015.
Shareholders who are on record until February 26, 2015 are
eligible for this dividend. Meanwhile, Zain Group has selected
SAP to deliver big data analytics solutions designed to enhance
the experience for millions of customers across the Middle East.
(Bahrain Bourse)

6. Contacts
Saugata Sarkar Abdullah Amin, CFA
Head of Research Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569
saugata.sarkar@qnbfs.com.qa abdullah.amin@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 (
#
Market closed on 4 March 2015) Source: Bloomberg (*$ adjusted returns)
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
(0.3%)
(1.3%)
0.1%
(0.4%) (0.3%)
(0.1%)
(0.3%)
(1.8%)
(1.2%)
(0.6%)
0.0%
0.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,200.30 (0.3) (1.1) 1.3 MSCI World Index 1,760.91 (0.4) (0.7) 3.0
Silver/Ounce 16.24 (0.2) (2.2) 3.4 DJ Industrial 18,096.90 (0.6) (0.2) 1.5
Crude Oil (Brent)/Barrel (FM
Future)
60.55 (0.8) (3.2) 5.6 S&P 500 2,098.53 (0.4) (0.3) 1.9
Crude Oil (WTI)/Barrel (FM
Future)
51.53 2.0 3.6 (3.3) NASDAQ 100 4,967.14 (0.3) 0.1 4.9
Natural Gas (Henry
Hub)/MMBtu
3.26 11.3 18.3 8.8 STOXX 600 390.61 (0.4) (1.5) 4.4
LPG Propane (Arab Gulf)/Ton 61.00 (0.8) (1.6) 24.5 DAX 11,390.38 (0.2) (1.2) 5.8
LPG Butane (Arab Gulf)/Ton#
70.25 0.0 0.7 12.0 FTSE 100 6,919.24 (0.3) (1.5) 3.2
Euro 1.11 (0.9) (1.1) (8.4) CAC 40 4,917.35 (0.2) (1.8) 5.3
Yen 119.68 (0.0) 0.0 (0.1) Nikkei 18,703.60 (0.8) (0.5) 6.9
GBP 1.53 (0.6) (1.1) (2.0) MSCI EM 976.27 (1.0) (1.4) 2.1
CHF 1.04 (0.2) (1.0) 3.2 SHANGHAI SE Composite 3,279.53 0.5 (1.0) 0.3
AUD#
0.78 0.0 0.1 (4.4) HANG SENG 24,465.38 (1.0) (1.4) 3.6
USD Index 95.97 0.6 0.7 6.3 BSE SENSEX 29,380.73 (1.5) (0.4) 8.5
RUB 61.83 (0.1) 0.1 1.8 Bovespa 50,468.05 (4.1) (6.2) (10.3)
BRL 0.34 (1.7) (4.3) (11.1) RTS 889.68 (3.0) (0.8) 12.5
174.3
141.4
129.0