The QSE Index declined 1.4% to close at 9,485.9.

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 1.4% to close at 9,485.9. Losses were led by the Real Estate and
Consumer Goods & Services indices, falling 2.2% and 1.8%, respectively. Top losers were
Gulf International Services and Qatari Investors Group, falling 6.1% and 5.9%,
respectively. Among the top gainers, Al Khaleej Takaful Group gained 3.2%, while Aamal
Co. was up 1.3%.
GCC Commentary
Saudi Arabia: The TASI Index fell 2.9% to close at 5,660.9. Losses were led by the Media
& Pub. and Hotel & Tourism indices, falling 10.0% and 8.2%, respectively. Saudi Res. &
Mark. fell 9.9%, while Saudi Printing & Pack. was down 9.7%.
Dubai: The DFM Index declined 2.6% to close at 2,981.5. The Financial & Investment
Services index fell 4.5%, while the Consumer Staples index declined 3.4%. Al Salam
Group fell 10.0%, while Commercial Bank of Dubai was down 9.8%.
Abu Dhabi: The ADX benchmark index fell 0.8% to close at 4,071.8. The Services index
declined 3.1%, while the Real Estate index fell 2.7%. Abu Dhabi National Hotels fell
7.4%, while Ras Al Khaimah Ceramic Co. was down 5.6%.
Kuwait: The KSE Index declined 0.3% to close at 5,131.6. The Technology fell 2.9%,
while the Financial Services index declined 1.3%. Egypt Kuwait Holding Co. fell 7.4%,
while Al-Mal Investment Co. was down 6.5%.
Oman: The MSM Index fell 0.7% to close at 5,357.7. Losses were led by the Financial
and Services indices, falling 1.4% and 0.6%, respectively. Oman National Engine. Invt.
fell 10.0%, while Al Batinah Dev. Inv. Holding was down 8.6%.
Bahrain: The BHB Index declined 0.2% to close at 1,166.4. The Industrial index fell
1.7%, while the Commercial Bank index declined 0.2%. Aluminium Bahrain fell 1.7%,
while Khaleeji Commercial Bank was down 1.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Khaleej Takaful Group 29.40 3.2 12.9 (3.6)
Aamal Co. 12.60 1.3 152.4 (9.9)
Qatar Gas Transport Co. 22.45 0.7 180.4 (3.9)
Qatar General Ins. & Reins. Co . 51.90 0.4 2.4 1.6
Commercial Bank 41.70 0.2 150.9 (9.2)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Gulf International Services 29.10 (6.1) 2,793.3 (43.5)
Masraf Al Rayan 33.85 (0.3) 960.2 (10.0)
United Development Co. 19.35 0.0 434.5 (6.7)
Ezdan Holding Group 14.26 (2.3) 359.5 (10.3)
Barwa Real Estate Co. 33.40 (3.2) 315.0 (16.5)
Market Indicators 11 Feb 16 10 Feb 16 %Chg.
Value Traded (QR mn) 318.5 256.0 24.4
Exch. Market Cap. (QR mn) 505,974.0 513,223.1 (1.4)
Volume (mn) 8.5 7.4 14.6
Number of Transactions 4,286 4,283 0.1
Companies Traded 41 39 5.1
Market Breadth 7:33 10:26 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 14,794.21 (1.4) (2.0) (8.7) 10.3
All Share Index 2,532.50 (1.4) (1.8) (8.8) 10.4
Banks 2,599.40 (1.2) (2.4) (7.4) 10.8
Industrials 2,730.30 (1.4) (2.2) (14.3) 12.3
Transportation 2,303.01 (0.1) 0.2 (5.3) 11.0
Real Estate 2,060.08 (2.2) (1.3) (11.7) 6.7
Insurance 3,976.72 (1.5) (1.4) (1.4) 10.0
Telecoms 1,052.10 (1.7) (1.1) 6.7 23.1
Consumer 5,323.71 (1.8) (1.6) (11.3) 11.8
Al Rayan Islamic Index 3,415.91 (1.5) (0.6) (11.4) 10.4
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Ins. Abu Dhabi 2.19 14.7 126.0 (24.0)
Invest Bank Abu Dhabi 1.71 4.3 1.0 (14.5)
Raysut Cement Co. Oman 0.99 3.3 67.3 (0.8)
Qurain Petrochem. Ind. Kuwait 0.17 2.4 265.1 (10.6)
Com. Bank of Kuwait Kuwait 0.51 2.0 5.0 2.0
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Res. & Marketing Saudi Arabia 39.95 (9.9) 810.8 (30.8)
Com. Bank of Dubai Dubai 5.55 (9.8) 7.6 (11.9)
Saudi Printing & Pack. Saudi Arabia 19.30 (9.7) 2,464.2 (26.6)
Co. for Coop. Ins. Saudi Arabia 67.39 (9.7) 433.8 (15.0)
Saudi Enaya Coop. Ins. Saudi Arabia 11.20 (9.6) 42.5 (32.6)
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%
Gulf International Services 29.10 (6.1) 2,793.3 (43.5)
Qatari Investors Group 30.50 (5.9) 122.1 (19.1)
Dlala Brokerage & Inv Holding Co. 11.40 (5.0) 228.9 (38.3)
Barwa Real Estate Co. 33.40 (3.2) 315.0 (16.5)
Vodafone Qatar 10.33 (2.9) 291.1 (18.7)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 29.10 (6.1) 83,665.2 (43.5)
Masraf Al Rayan 33.85 (0.3) 32,651.1 (10.0)
Industries Qatar 99.90 (0.9) 29,179.6 (10.1)
QNB Group 135.10 (2.2) 19,929.4 (22.8)
Qatar Islamic Bank 97.70 0.2 19,392.2 (8.4)
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* 9,485.90 (1.4) (2.0) 0.0 (9.0) 87.48 138,940.5 10.3 1.4 5.1
Dubai 2,981.48 (2.6) (2.5) (0.5) (5.4) 130.04 80,479.9 9.9 1.1 3.9
Abu Dhabi 4,071.80 (0.8) (1.7) 0.4 (5.5) 86.12 113,792.4 11.7 1.3 5.6
Saudi Arabia 5,660.86 (2.9) (5.2) (5.6) (18.1) 1,633.31 359,845.3 13.0 1.3 4.5
Kuwait 5,131.56 (0.3) (1.3) 0.3 (8.6) 26.93 81,679.2 14.2 0.9 4.9
Oman 5,357.65 (0.7) 2.2 3.4 (0.9) 9.54 21,816.7 9.2 1.1 4.8
Bahrain 1,166.42 (0.2) (0.9) (1.7) (4.1) 0.60 18,338.4 7.7 0.8 5.9
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)
9,450
9,500
9,550
9,600
9,650
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 8
Qatar Market Commentary
 The QSE Index declined 1.4% to close at 9,485.9. The Real Estate and
Consumer Goods & Services indices led the losses. The index fell on the
back of selling pressure from non-Qatari and GCC shareholders despite
buying support from Qatari shareholders.
 Gulf International Services and Qatari Investors Group were the top losers,
falling 6.1% and 5.9%, respectively. Among the top gainers, Al Khaleej
Takaful Group gained 3.2%, while Aamal Co. was up 1.3%.
 Volume of shares traded on Thursday rose by 14.6% to 8.5mn from 7.4mn
on Wednesday. Further, as compared to the 30-day moving average of
7.4mn, volume for the day was 14.4% higher. Gulf International Services
and Masraf Al Rayan were the most active stocks, contributing 32.9% and
11.3% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
4Q2015
% Change
YoY
Operating Profit
(mn) 4Q2015
% Change
YoY
Net Profit
(mn) 4Q2015
% Change
YoY
Takaful Emarat – Insurance* Dubai AED 377.9 216.5% 42.1 213.0% 10.2 42.3%
Alliance Insurance* Dubai AED 306.2 -4.5% 22.8 -16.2% 44.0 -8.6%
Dubai Parks and Resorts Dubai AED 0.0 NA 0.0 NA -110.9 421.2%
Damac Properties Dubai Co.* Dubai AED 8,536.1 128.2% 4,543.8 30.1% 4,514.8 66.1%
Abu Dhabi National Hotels Co.
(ADNH)*
Abu Dhabi AED 1,376.1 2.7% 0.0 NA 237.0 18.2%
Abu Dhabi Aviation* Abu Dhabi AED 2,181.6 35.4% 0.0 NA 267.1 25.1%
RAK Properties* Abu Dhabi AED 367.8 23.5% 0.0 NA 160.0 2.8%
Finance House Co.* Abu Dhabi AED 0.0 NA 0.0 NA 61.7 -15.8%
Fujairah Building Industries Co.* Abu Dhabi AED 246.3 -7.0% 7.5 8.5% 5.4 -12.4%
Raysut Cement Co.* Oman OMR 94.7 0.4% 26.4 -13.3% 21.0 -23.6%
Takaful Oman Insurance* Oman OMR 0.0 NA 0.0 NA 1,696.3 NA
Arab Insurance Group (ARIG)* Bahrain USD 220.4 -30.1% 0.8 -87.1% 0.0 NA
Source: Company data, DFM, ADX, MSM (*FY2015 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
02/11 US Department of Labor Initial Jobless Claims 6-February 269k 280k 285k
02/11 US Department of Labor Continuing Claims 30-January 2,239k 2,245k 2,260k
02/11 US Bloomberg Bloomberg Consumer Comfort 7-February 44.5 – 44.2
02/12 US Bureau of Labor Statistics Import Price Index MoM January -1.10% -1.50% -1.10%
02/12 US Bureau of Labor Statistics Import Price Index YoY January -6.20% -6.80% -8.10%
02/12 US Census Bureau Business Inventories December 0.10% 0.10% -0.10%
02/12 EU Eurostat Industrial Production SA MoM December -1.00% 0.30% -0.50%
02/12 EU Eurostat Industrial Production WDA YoY December -1.30% 0.70% 1.40%
02/12 EU Eurostat GDP SA QoQ 4Q2015 0.30% 0.30% 0.30%
02/12 EU Eurostat GDP SA YoY 4Q2015 1.50% 1.50% 1.60%
02/12 France French Labor Office Wages QoQ 4Q2015 0.10% – 0.20%
02/12 France INSEE Non-Farm Payrolls QoQ 4Q2015 0.20% 0.00% 0.00%
02/12 Germany Destatis GDP SA QoQ 4Q2015 0.30% 0.30% 0.30%
02/12 Germany Destatis GDP WDA YoY 4Q2015 1.30% 1.40% 1.70%
02/12 Germany Destatis GDP NSA YoY 4Q2015 2.10% 1.70% 1.70%
02/11 UK Royal Institution of Chartered RICS House Price Balance January 49% 52% 49%
02/12 UK ONS Construction Output SA MoM December 1.50% 2.00% -1.10%
02/12 UK ONS Construction Output SA YoY December 0.50% 0.80% -0.90%
02/12 Spain INE CPI Core MoM January -1.60% – 0.00%
02/12 Spain INE CPI Core YoY January 0.90% 0.70% 0.90%
02/12 Italy ISTAT GDP WDA QoQ 4Q2015 0.10% 0.30% 0.20%
02/12 Italy ISTAT GDP WDA YoY 4Q2015 1.00% 1.20% 0.80%
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 Individuals 57.36% 36.32% 67,012,209.49
Qatari Institutions 18.53% 20.23% (5,410,124.58)
Qatari 75.89% 56.55% 61,602,084.91
GCC Individuals 2.09% 1.49% 1,887,469.17
GCC Institutions 4.83% 6.54% (5,454,756.58)
GCC 6.92% 8.03% (3,567,287.41)
Non-Qatari Individuals 12.18% 10.92% 4,002,167.27
Non-Qatari Institutions 5.02% 24.50% (62,036,964.77)
Non-Qatari 17.20% 35.42% (58,034,797.50)

3. Page 3 of 8
Earnings Calendar
Tickers Company Name Date of reporting 4Q2015 results No. of days remaining Status
SIIS Salam International Investment 14-Feb-16 0 Due
MCGS Medicare Group 14-Feb-16 0 Due
UDCD United Development Company 14-Feb-16 0 Due
DBIS Dlala Brokerage & Investment Holding Company 15-Feb-16 1 Due
AKHI Al Khaleej Takaful Insurance 15-Feb-16 1 Due
AHCS Aamal Company 15-Feb-16 1 Due
ERES Ezdan Real Estate Company 16-Feb-16 2 Due
QGTS Qatar Gas Transport Company (Nakilat) 17-Feb-16 3 Due
BRES Barwa Real Estate Company 21-Feb-16 7 Due
MERS Al Meera Consumer Goods Company 21-Feb-16 7 Due
MCCS Mannai Corp. 24-Feb-16 10 Due
ORDS Ooredoo 1-Mar-16 16 Due
Source: QSE
News
Qatar
 WDAM net profit declines 4.0% QoQ in 4Q2015 – Widam Food
Company’s (WDAM) net profit declined 4.0% QoQ to QR17.74mn
in 4Q2015. However, on a YoY basis, net profit surged 102.3%.
Meanwhile, the Board of Directors (BoD) has proposed
distribution of QR2.7 per share cash dividend, which translates
into a dividend payout of 70%. (QSE, QNBFS Research)
 QSE suspends trading of NLCS shares on February 14 – The Qatar
Stock Exchange (QSE) has announced the trading suspension of
Alijarah Holding’s (NLCS) shares on February 14, 2016 due to its
AGM being held on that day. (QSE)
 QSE suspends trading of GWCS shares on February 14 – The Qatar
Stock Exchange (QSE) has announced the trading suspension of
Gulf Warehousing Company’s (GWCS) shares on February 14,
2016 due to its AGM and EGM being held on that day. (QSE)
 MPHC seeks shareholders’ nod for QR0.70 per share dividend –
Mesaieed Petrochemical Holding Company (MPHC) will hold its
ordinary general assembly meeting (AGM) on March 9, 2016.
Shareholders at the AGM will consider approving board of
directors’ recommendation for a dividend payment of QR0.70 per
share, representing 7% of the nominal share value. The meeting
will also discuss and approve the corporate governance report of
MPHC for the year 2015. If a quorum is not met, the second
meeting will be held on March 30, 2016 at the same time and
place. (QSE)
 GISS seeks shareholders’ nod for QR1 per share dividend – Gulf
International Services (GISS) will hold its ordinary general
assembly meeting (AGM) on March 2, 2016. Shareholders at the
AGM will consider approving board of directors’ recommendation
for a dividend payment of QR1 per share, representing 10% of the
nominal share value. The meeting will also discuss and approve
the corporate governance report of GISS for the year 2015. If
quorum is not met, the second meeting will be held on March 29,
2016 at the same time and place. (QSE)
 ERES subsidiary begins Sakin service to facilitate leasing – Ezdan
Holding Group (ERES) subsidiary, Ezdan Real Estate Company, has
launched a new service Sakin Centre to provide integrated leasing
services and effectively manage its properties. Its branches
operate from 7.30am to 9pm except on Fridays. The launch is
within the framework of the company’s efforts to provide
affordable and flexible solutions to facilitate contracting and
leasing procedures. It is made available through two branches in
Doha and Al Wakrah to provide leasing, maintenance, utility &
customer care services and payment. (Peninsula Qatar)
 MCCS EGM approves amendment to Article of Association – Mannai
Corporation’s (MCCS) extraordinary general meeting (EGM) has
approved the board’s proposal to amend the company’s Article of
Association, namely clause no.26 and 32-7. Clause no. 26 stipulates
that MCCS shall be managed by a 10-member board for a
renewable tenure of three years. The nomination of the Directors
shall take into account, among other things, the ability of the
candidates to give a sufficient time to their duties as Directors, in
addition to their skills, knowledge, experiences, professional
technical and academic qualifications and their personalities. Item
7 of the clause no.32 provides that the participation in the meeting
of the Board of Directors may be by any of the common secure
modern means of telecommunications which enables the
participant to listen and effectively participate in the board’s
activities. (QSE)
 QNBK: Qatar’s private consumption may increase on stable
spending – QNB Group (QNBK), in its monthly report, has noted
that Qatar’s investments, as a share of its gross domestic product
(GDP), rose to 39.6% in 2Q2015 from 32.4% in 2014 on stable
government capital spending. The country’s private consumption
rose to 20.8% of GDP in 2Q2015 from 14.8% of GDP in 2014, with
imports similarly increasing from 30.5% to 36.1% of GDP on
growing population needs. QNBK expects the share of private
consumption and investment to increase on high population
growth and strong government investments, while lower expected
oil prices in 2015 should reduce the share of exports. Qatar’s crude
oil production decreased to 683k barrels per day (b/d) in
November 2015 from 639k b/d in October 2015. QNBK expects oil
prices to stabilize as excess supply in the global market would be
reduced by both higher demand and production cuts among high-
cost producers, such as US shale oil producers. QNBK analysts
expect Qatar’s ongoing investment program to continue to attract
expatriates, resulting in overall population growth of 4.1% in
2016. (Peninsula Qatar)
 BMI: Qatar’s total household spending may grow 12.9% to reach
$45bn – Fitch Group company, BMI Research, in its recent ‘Qatar
retail report’, has said that total household spending in Qatar is
expected to grow by an average annual rate of 12.9% to reach
$45bn by 2019. With increasing economic diversification driven
by a growing population, strong and stable GDP growth and
substantial per capita incomes, retailers would increasingly be
attracted to the country and the retail market would expand. BMI
said the number of households and level of household income are
also expected to increase in Qatar, with the number of households
set to reach 307,030 in 2019, while the average household income
will exceed $137,884. Housing and utilities will remain the largest

4. Page 4 of 8
retail sub-sector, accounting for just under one-third of total
household spending. Unlike Saudi Arabia and Kuwait, the two most
oil-dependent economies in the Gulf Cooperation Council (GCC),
Qatar has managed to at least partially diversify its economy in the
past decade. Thanks to some immunity to the fluctuations of oil &
gas prices and rollout of new strategic projects, the growth of
Qatar’s real economic output would have accelerated to 6.6% in
2015 from 6.2% in 2014. (Gulf-Times.com)
 MEC: New initiative to boost business environment – The Ministry
of Economy and Commerce (MEC), in cooperation with the
Ministry of Municipality and Environment (MME), has announced
its second initiative to ease procedures and specify conditions for
construction licenses of business centers. The initiative is part of
MEC’s efforts to improve and develop the business environment in
the country through providing comprehensive investment
solutions for entrepreneurs. According to a statement issued by
the MEC, the initiative will allow owners of business centers to
subdivide the internal area into open spaces, semi-closed spaces,
completely closed spaces, or partitioned sections with screens. The
step would allow the lease of the property to a number of tenants,
from large corporations to small enterprises. Business centers are
equipped with all the necessary support services, wired and
wireless communication infrastructure and furniture, in addition
to other organizational services such as facilities for holding
conferences and provision for transportation services. Owners of
business centers can obtain the necessary approvals for the
subdivision from the MME, the General Directorate of the Civil
Defense and the MEC. (Gulf-Times.com)
 ORDS boosts fiber network speed – Ooredoo (ORDS) has
announced that its free speed upgrade on the fiber network is now
live. With the upgrade, all 50Mbps home fiber plans received a
double speed increase to 100Mbps, while existing 100Mbps plans
were boosted to 300Mbps – the fastest home fixed line connection
ever offered. On top of the speed boost, ORDS is also offering to all
fiber customers a QR100 discount on a new enhanced Supernet
Fiber Wi-Fi Broadband Gateway for all 100Mbps and 300Mbps
customers. The Supernet Fiber Wi-Fi Broadband Gateway is a new
device that supports more than 40 simultaneous connections, to
satisfy even the most demanding of homes and employs the latest
802.11ac Wi-Fi specifications. (Gulf-Times.com)
 QP awards EPIC deal to JV to supply HIA with jet fuel – Qatar
Petroleum (QP) has awarded an engineering, procurement,
installation and commissioning (EPIC) contract to supply jet fuel
from Ras Laffan Industrial City to the Hamad International Airport
(HIA) in Doha. The contract was awarded to a joint venture of
Consolidated Contractors group & Teyseer Contracting Company
to build a 24-inch pipeline and associated facilities that will be
used to transport the jet fuel. The project will ensure meeting the
long-term demand of Jet A1 supply to the HIA beyond 2030, with
the option of the fuel availability from two distinct and separate
sources: Ras Laffan and Mesaieed. (Gulf-Times.com)
 Algal technology to help Qatar achieve food security – French
ambassador Eric Chevallier described the Algal Technologies
Program (ATP) as “a very interesting and promising” research
project aimed at helping Qatar achieve food security,
environmental protection, and bioremediation. The project started
in 2009 with funding from Qatar Airways (QA) and the Qatar
Science and Technology Park. It collected over 200 local
microalgae and cyanobacteria species from various parts of the
country. The research team also started converting algae biomass
to biodiesel, bioethanol and bio-crude oil as part of the
experimental stage. (Gulf-Times.com)
 Qatar-US trade in goods at $5.54bn in 2015 – The combined value
of Qatar-US bilateral trade in goods in 2015 stood at $5.54bn
(around QR20.17bn), witnessing a sharp fall of nearly 20% as
compared to $6.92bn (around QR25.20bn), the highest ever
registered in 2014. The total value of Qatar’s imports of goods
from the US in 2015 was $4.23bn (around QR15.40bn) and the
value of exports was about $1.31bn (around QR4.77bn). The
annual trade balance between the two countries was about
$2.93bn (around QR10.67bn), which was skewed in favor of the
US being one of the largest import destinations of Qatar.
(Peninsula Qatar)
International
 WSJ: US, UK likely to charge multiple banks in Libor rigging –
According to Wall Street Journal , American and British regulators
are likely to charge several banks with rigging interest rates,
including Citigroup, the third-largest US bank and London-based
HSBC Holdings. The US Commodity Futures Trading Commission
and the UK Financial Conduct Authority were preparing a final
round of civil charges against the banks for rate manipulation in
the Libor scandal, the newspaper reported, citing people close to
the investigation. The Journal said the CFTC was still investigating
J.P. Morgan Chase, the largest American bank by assets, but that
may not lead to charges. UK regulators said they dropped their
probe of J.P. Morgan in 2015. The US and British regulators are
leading a seven-year investigation into the manipulation of Libor,
or the London interbank offered rate. (Reuters)
 Strong US consumer spending counters recession fears – US
consumer spending regained momentum in January as households
ramped up purchases of a variety of goods, in a hopeful sign that
economic growth was picking up after slowing to a crawl at the
end of 2015. However, the outlook for consumer spending was
tempered by another report on Friday showing sentiment among
households ebbed in early February. Still, the increase in consumer
spending last month underscored the economy's resilience and
challenged the view that a recession was looming. The Commerce
Department said retail sales excluding automobiles, gasoline,
building materials and food services increased 0.6% last month
after an unrevised 0.3% decline in December. These so-called core
retail sales correspond most closely with the consumer spending
component of GDP. (Reuters)
 Policymakers : ECB rate cut likely but no appetite for now for
radical easing – There is firm support for a deposit rate cut within
the European Central Bank's (ECB) Governing Council but appetite
for more radical action is still limited, conversations with
policymakers indicate a month before the March rate decision.
With long-term inflation expectations falling, the ECB will
probably have to act and frame the rate cut as part of broader a
package, with some measures involving changes to the bank's
flagship asset-purchase program, policymakers told Reuters.
However, with no consensus yet about which further measures to
take and Europe's modest economic recovery still broadly on
track, some of those spoken to cautioned against radical action.
However they noted that their view could still change if recent
market turmoil proved lasting, posing a risk to the real economy.
(Reuters)
 Moody's sees Brexit hitting whole EU; watching Poland closely –
Moody's Senior Analyst Dietmar Hornung said UK exit from the
European Union (EU) would affect the whole region's sovereign
ratings warning it would set a precedent that other countries could
end up following. Hornung said Moody’s was monitoring Poland
closely but was comfortable with its Portugal rating despite a bond
market selloff. Britain is expected to hold a referendum on
whether to quit the 28-country EU in June or shortly after. All the
main credit agencies have warned a vote to leave could hurt the
UK's rating, but Hornung said it could have a wider impact.
(Reuters)

5. Page 5 of 8
 Greek PM : Differences between lenders delaying bailout review –
According to sources, Greek Prime Minister Alexis Tsipras said
that differences between the country's international lenders over
its pension reform plans are delaying the first review of its latest
financial bailout. Reforming Greece's ailing pension system is a
prerequisite for the conclusion of the review, which is expected to
open the way for debt relief talks. The government has faced
widespread protests over its reform plans however, as austerity-
weary Greeks push back against yet more cuts to the country's
welfare system. Tsipras said "There are differences among the
lenders on Greece's pension reform that are delaying the whole
process". He added that the negotiations for the review are in the
final stage and repeated that he is willing to increase contributions
to the pension funds to save pensioners' income. (Reuters)
 China Lunar New Year holiday retail sales up 11.2% YoY –
According to the Ministry of Commerce Chinese retail sales grew
11.2% during the week-long Lunar New Year vacation compared
with the same holiday period in 2015. Revenues of retailers and
catering firms grew to about 754bn yuan during the Feb 7-13,
2016 "Golden Week" holiday. The holiday is especially important
for retailers, which vie for customers by launching promotions and
discounts. Millions of people take time off work to travel and
generally spend more than usual during the break. (Reuters)
 India's retail inflation hits 17-month high, industrial output falls
again – India's retail inflation unexpectedly edged up to a 17-
month high in January, while industrial production contracted at a
faster-than-expected pace in December, underscoring imbalances
lurking in Asia's third-largest economy. Government data showed
retail prices rose 5.69% YoY in January, their fastest pace since
August 2014. Another release showed output at factories, utilities
and mines shrank an annual 1.3% in December. However, the
contraction was smaller than a revised 3.4% fall in November.
Data shows no let-up in food inflation. Retail food prices were up
6.85% on the year in January, compared to 6.40% in December.
(Reuters)
Regional
 BofAML: GCC countries to maintain currency peg – According to
Bank of America Merrill Lynch (BofAML), the GCC currencies’ US
dollar (USD) pegging will continue at least for the medium-term
period. Key to this view is a combination of still sizeable foreign
assets in parts of the GCC and the apparent start of a regional
multiyear fiscal adjustment process. While all GCC countries have
expressed their commitment to the USD pegs, their ability to
defend the arrangements in a sustained oil price slump varies
greatly. Within the GCC, Kuwait, Qatar and the UAE are still in a
comfortable position given fiscal breakeven oil prices of $50-
65/bbl and fiscal buffers that can cover deficits incurred under
$30/bbl for 15-20 years. At the other end of the spectrum, Saudi
Arabia, Bahrain and Oman are more challenged as fiscal buffers
would be exhausted within five years under the same set of
assumptions. (Peninsula Qatar)
 ACWA Power plans $8bn debt raising – ACWA Power CEO Paddy
Padmanathan has said that the company is planning to raise $8bn
of debt in 1H2016 to finance projects that will help to boost its
generating capacity by a third by 2016-end. The plan comes in the
face of difficult market conditions for Middle Eastern developers,
with regional governments reassessing expenditure at a time of
lower oil prices that have also served to squeeze liquidity in the
region’s banking system. Among the projects earmarked for
ACWA’s proposed new funding is the 1,200-megawatt (MW)
Hassyan clean coal power plant in Dubai, which it is building in
conjunction with China’s Harbin Electric and with Alstom as the
lead contractor. He said the $8bn raised will also cover the
Ibri/Sohar-3 scheme in Oman, in partnership with Japan’s Mitsui &
Company, as well as the 100-MW Redstone solar plant in South
Africa. Some of the money will also be used to help refinance debt
against the Rabigh 1 power plant, run by Rabigh Electricity
Company and part-owned by ACWA. The new projects are
expected to raise ACWA’s power assets to 28,000 MW by 2016-end
from almost 21,000 MW now. While Kuwait is expected to be one
of the most active markets in 2016, ACWA is also watching for new
projects being tendered in Jordan, Morocco and the UAE. In Egypt,
ACWA expects to sign a power purchase agreement and secure
financing for a 2,250-MW power plant in Dairut. (Reuters)
 SCTNH: KSA witnesses 7.4mn visitors in 1H2015 – According to
official data from the Saudi Commission for Tourism & National
Heritage (SCTNH), the Kingdom remains a popular destination for
GCC tourists, with around 7.4mn visitors entering Saudi Arabia in
1H2015, which represented an increase of 25% against the same
period in 2014. A total of 2.1mn visitors were ‘day visitors’ with
the remaining 5.2mn spending nearly SR11.8bn and accounting for
30.5mn room nights. In 2014, 6.6mn Gulf tourists visited Saudi
Arabia, spending SR22bn. Bahraini and Kuwaiti visitors accounted
for a large percentage of total inbound GCC visitor numbers, with
33% each, followed by Qatar and the UAE. (GulfBase.com)
 Middle East Healthcare reschedules float for March 2016 – Middle
East Healthcare Company has rescheduled its offering to run from
March 3-9, 2016. The Saudi Capital Market Authority, on January
18, said the company requested postponing its initial public
offering and added that the company had to determine a new date
for its offering within six weeks and finalize its flotation by March
31, 2016 or its regulatory approval would be considered cancelled.
Middle East Healthcare was to offer 30% of itself in its initial share
sale, first to initial investors and then the public. The latter phase
was supposed to run February 3-9, 2016. (Reuters)
 Chinese officials favour dual listing for Saudi Aramco – According to
sources, Chinese officials pitched in for a dual listing of Saudi
Arabian Oil Company (Saudi Aramco) that would put the
government-owned oil giant’s shares on both the Hong Kong and
Saudi exchanges in return for anchor investments from Chinese
funds. The proposal was made earlier in 2015. However, no
decision has been made as yet. In January 2015, Saudi Aramco had
said that it was considering an initial public offering of the entire
business or some of its units, which could make it one of the
world’s biggest public companies. One option Saudi Aramco is
reportedly considering is an IPO for part of its downstream and
refining businesses, which could be valued at over $90bn and raise
between $5-10bn. Sources reported that the company hasn’t
mandated financial advisers and may choose Saudi Arabia as the
sole listing venue. (Bloomberg)
 Saudi Enaya’s accumulated losses reach 51.28% of capital – Saudi
Enaya Cooperative Insurance Company has said that its
accumulated losses amounted to SR205.1mn as on January 31,
2016, which represents 51.28% of its paid-up capital. The
accumulated losses are mainly attributed to the pre-incorporation
expenses incurred by the company, the delay in commencement of
commercial operations and slow market penetration during the
start-up phase. The company, however, maintains a sound
liquidity and solvency position. (Tadawul)
 India, UAE sign nine agreements – India and the UAE on February
11, 2016 signed nine agreements covering cooperation in the
fields of currency swap, culture, investment in the infrastructure
sector, renewable energy, space research, insurance supervision,
cyber security, skill development, and commercial information
sharing. (Bloomberg)
 CBI reports AED466.6mn net loss in 2015 – Commercial Bank
International (CBI) reported a net loss of AED466.6mn during the
year ended December 31, 2015. Non Performing loans (NPLs)

6. Page 6 of 8
reduced by AED1.38bn (or 58.4%) to AED983mn from December
31 ,2014. The bank’s total assets stood at AED16.48bn at the end
of December 31, 2015 as compared to AED19.68bn in the year-ago
period. Net loans & advances reached AED11.51bn, while
customers’ deposits stood at AED11.11bn. The bank’s capital
adequacy ratio remained at comfortable levels well above the
regulatory requirement at 14.8%. (ADX)
 DI showcases pioneering concepts, projects at ACRES Middle East –
Dubai Investments (DI) showcased pioneering real estate concepts
and projects of its subsidiaries Dubai Investments Park (DIP) and
Dubai Investments Real Estate Company (DIRC) at ACRES Middle
East 2016 Investment, Real Estate Exhibition and Conference, at
Expo Centre Sharjah from February 10 to 13, 2016. The projects
on show included Mirdif Hills, a mixed-use, self-contained
community project being developed by DIRC, adjacent to Mushrif
Park in Dubai. DI had on show the project model of its pioneering
concept Dubai Investments Park, the largest commercial,
industrial & residential community-of-its-kind in the Middle East.
The success of DIP prompted DI to consider replicating the DIP
business model and developing similar integrated communities in
other countries across the region and Africa. (DFM)
 Debt deal for Limitless closer after Silver Point sale – According to
sources, Dubai’s Limitless debt restructuring deal moved closer
after Silver Point Capital sold its share of AED4.45bn debt in
January 2016. Silver Point, one of a minority of creditors holding
up a deal, sold half of its roughly $80mn loan to Mashreq and the
other half to Massar Investments, an investment firm controlled by
Mashreq’s owners. A deal can only be agreed once all Limitless
creditors have given their assent. Reportedly, the Silver Point
move will increase pressure on Arab National Bank, another
creditor that had not agreed to the plan as of late 2015, to review
its position. (Reuters)
 DIAC Chairman: Dubai property disputes may rise as sector slows –
Dubai International Arbitration Centre (DIAC) Chairman Dr. Habib
Al Mulla has said that a slowdown in Dubai’s real estate and
construction sector would lead to more cases being filed with the
Emirate’s arbitration centre. As per the data provided by DIAC, the
number and value of disputes soared following Dubai’s property
crash that began in 2008, with 871 cases claiming a combined
AED14bn logged in 2010-11. Case numbers fell to a six-year low in
2014 as property prices rebounded, but sales dropped about 15%
in 2015 and are expected to decline further in 2016. (Reuters)
 Mubadala seeks $2bn loan refinancing – According to sources,
Mubadala is in talks with local and international lenders to raise a
loan worth up to $2bn, which it plans to close in 1H2016. The
state-owned investment fund is discussing whether to borrow the
cash over three or five years or split the financing between both.
The funding will be reportedly used to roll over a three-year
revolving credit facility. The fund has a $2bn facility due to mature
in May 2016, which was provided by 19 banks and pays a margin
of 75 basis points over the London interbank offered rate (LIBOR).
(Reuters)
 Asteco: Abu Dhabi’s residential market may slow down in 2016 –
According to a latest report by Asteco, Abu Dhabi’s residential
property market is expected to witness a slowdown in demand in
the next 12 months, after relatively slow but positive market
performance in 2015. However, this may not lead to a major drop
in rental rates due to the limited amount of new supply that is
coming online in 2016. As per the report, the UAE’s overall market
conditions are under pressure due to low oil prices, and this would
lead to a reduction in government spending. In turn, this could
impact future demand as growth slows down and salary levels
remain stable. It added that while low demand may put pressure
on both rental rates and sales prices, limited supply is likely to
minimize the pressure, at least as compared to Dubai. In 2016, Abu
Dhabi is expected to add 3,000 apartments and 850 villas to its
residential supply. In 2015, a total of 2,000 apartments and 100
villas were delivered, including 1,010 units in two projects on
Reem Island, and 312 units on the Corniche. Asteco said it did not
expect to see any major drop in residential sales prices in 2016 for
completed properties due to sustained demand by owners-
occupiers and investors. (GulfBase.com)
 KPI CEO: Oil prices could reach $50-60 a barrel by mid-2017 –
Kuwait Petroleum International (KPI) CEO Bakheet al-Rashidi has
said that oil prices could reach up to a range of $50 to $60 a barrel
by mid-2017. He said that prices could reach the range of $60 to
$80 a barrel in three years’ time. Rashidi attributed the drop in oil
prices to excess supply in the market and slow demand from Asia,
particularly China. (Reuters)
 OADC announces results of offer to buy OADC minority
shareholders’ shares – Oman Agriculture Development Company’s
(OADC) majority shareholders had made an offer to the company's
minority shareholders (who own 5,000 shares or less) to buy the
latter’s shares at a price of OMR1.654per share during the period
from December 20, 2015 to January 19, 2016. This offer was part
of converting the company from SAOG to SAOC. The company said
that at the end of the offer period, no minority shareholder
presented to sell their shares to majority shareholders under the
above-mentioned offer. (MSM)
 Sezad signs OMR55m deal for government berth infrastructure –
Oman’s Special Economic Zone Authority in Duqm (Sezad) has
signed an agreement with Combined Group Contracting Company
to build infrastructure facilities for a government berth at the port.
The total project cost is estimated at OMR55.4mn and
implementation will take 30 months from the date of awarding,
excluding 30 days of preparations. The government berth is the
first integrated berth implemented in Oman ports to serve
government agencies with a total length of 980 meters allocated to
a number of government entities as well as for fast ferries. It is one
of the most important security facilities at Duqm Port. It will
provide readiness to manage logistics operations for these entities
and the security aspect of the port and the entire special economic
zone. The work for a new project includes the construction of
buildings, roads, facilities and utilities necessary for the operation
of the government berth. (GulfBase.com)
 MB Holding’s subsidiary inks mining deal with Rwanda government
– Tri Metals Mining Limited has signed three large-scale mining
agreements with the Rwandan government to undertake mining
operations in Bisesero, Karongi District. With an estimated project
value of $39mn, Tri Metals will carry out mining operations to
extract mainly Cassiterite (Tin), Niobo-Tantalite (Tantalum and
Niobium), and Wolframite (Tungsten) in Bisesero concessions in
the Western Province. Tri Metals is a subsidiary of Mawarid
Mining, a wholly-owned subsidiary of Oman’s MB Holding
Company. (GulfBase.com)
 BMB reports $5.08mn net profit in 2015, recommends dividend
freeze – Bahrain Middle East Bank (BMB) reported a net profit of
$5.08mn in 2015 as compared to $4.52mn in 2014. Total operating
income reached $12.57mn in 2015 as compared to $12.23mn in
2014. The bank’s total assets stood at $171.87mn at the end of
December 31, 2015 as compared to $172.84mn in the year-ago
period. Loans & advances reached $110.705mn, while deposits
from financial institutions and customers stood at $125.1mn and
$8.73mn, respectively. Meanwhile, the bank’s board of directors
(BoD) has decided not to distribute any dividends to its
shareholders for the financial year ended December 31, 2015.
(Bahrain Bourse)

7. Page 7 of 8
 ARIG BoD decides dividend freeze – Arab Insurance Group’s (ARIG)
board of directors (BoD) has decided not to distribute any
dividend to its shareholders for the financial year ended December
31, 2015. This dividend freeze is subject to the AGM and the
regulatory approval. (Bahrain Bourse)
 TAKAUD signs MoU with BKIC – TAKAUD and Bahrain Kuwait
Insurance Company (BKIC) have signed an MoU. They plan to
create strong synergies between the two institutions, which in
turn enhances the customer offerings and experiences for both
firms. The partnership will allow both providers to explore areas
of cooperation that will enhance their respective customer
propositions. (Bahrain Bourse)

8. Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@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 Qatar Financial
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Page 8 of 8
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns; #Market closed on February 12, 2016)
80.0
100.0
120.0
140.0
160.0
180.0
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
QSEIndex S&P Pan Ar ab S&P GCC
(2.9%)
(1.4%)
(0.3%) (0.2%)
(0.7%) (0.8%)
(2.6%)
(3.2%)
(2.4%)
(1.6%)
(0.8%)
0.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,237.92 (0.7) 5.5 16.6 MSCI World Index 1,486.45 1.2 (2.5) (10.6)
Silver/Ounce 15.75 0.0 4.9 13.7 DJ Industrial 15,973.84 2.0 (1.4) (8.3)
Crude Oil (Brent)/Barrel (FM Future) 33.36 11.0 (2.1) (10.5) S&P 500 1,864.78 2.0 (0.8) (8.8)
Crude Oil (WTI)/Barrel (FM Future) 29.44 12.3 (4.7) (20.5) NASDAQ 100 4,337.51 1.7 (0.6) (13.4)
Natural Gas (Henry Hub)/MMBtu 2.07 (2.6) (0.9) (10.6) STOXX 600 312.41 2.1 (3.2) (11.6)
LPG Propane (Arab Gulf)/Ton 37.38 7.9 1.7 (2.6) DAX 8,967.51 1.7 (2.5) (14.0)
LPG Butane (Arab Gulf)/Ton 53.50 4.1 (9.1) (2.9) FTSE 100 5,707.60 3.2 (2.4) (10.2)
Euro 1.13 (0.6) 0.9 3.6 CAC 40 3,995.06 1.8 (4.0) (10.8)
Yen 113.25 0.7 (3.1) (5.8) Nikkei 14,952.61 (4.1) (8.2) (16.3)
GBP 1.45 0.2 0.0 (1.6) MSCI EM 711.24 (0.3) (3.8) (10.4)
CHF 1.02 (0.5) 1.4 2.5 SHANGHAI SE Composite# 2,763.49 0.0 0.0 (22.9)
AUD 0.71 0.0 0.6 (2.4) HANG SENG 18,319.58 (1.1) (5.0) (16.8)
USD Index 95.94 0.4 (1.1) (2.7) BSE SENSEX 22,986.12 0.6 (7.1) (14.5)
RUB 78.66 (1.7) 1.5 8.5 Bovespa 39,808.05 1.1 (4.1) (8.9)
BRL 0.25 (0.2) (2.5) (1.1) RTS 689.90 2.8 (5.0) (8.9)
108.1
91.1
90.8