Qatar stock exchange

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.1% to close at 8,516.8. Losses were led by the Consumer Goods
& Services and Industrials indices, falling 1.7% and 1.5%, respectively. Top losers were
Dlala Brokerage & Investments Holding Co. and Qatar National Cement Co., falling 7.1%
and 6.1%, respectively. Among the top gainers, Ahli Bank gained 7.0%, while Zad Holding
Co. was up 6.8%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.1% to close at 5,525.1. Gains were led by the
Energy & Utilities and Multi-Invest. indices, rising 5.0% and 4.9%, respectively. Saudi
Transport & Investment rose 10.0%, while Tourism Enterprise was up 9.9%.
Dubai: The DFM Index declined 0.3% to close at 2,677.5. The Transport index fell 2.7%,
while the Insurance index declined 1.5%. Oman Insurance Co. fell 9.7%, while Al Salam
Group Holding was down 9.5%.
Abu Dhabi: The ADX benchmark index rose 0.2% to close at 3,795.0. The Real Estate
index gained 3.3%, while the Banks index rose 1.2%. Arkan Building Materials Co.
gained 10.8%, while Abu Dhabi National Co. for B and M was up 5.0%.
Kuwait: The KSE Index fell 0.9% to close at 5,054.6. The Basic Material index declined
2.3%, while the Industrial index fell 1.5%. Nafais Holding Co. declined 12.3%, while
Ikarus Petroleum Industries Co. was down 12.1%.
Oman: The MSM Index rose 0.7% to close at 4,981.6. Gains were led by the Financial
and Services indices, rising 1.4% and 0.1%, respectively. Oman Textile Holding rose
10.0%, while Al Anwar Holding was up 5.1%.
Bahrain: The BHB Index gained marginally to close at 1,196.3. The Industrial index rose
0.5%, while the other indices ended flat or in red. Aluminium Bahrain was up 0.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Ahli Bank 46.00 7.0 0.0 (0.1)
Zad Holding Co. 76.90 6.8 3.0 (9.3)
Ooredoo 68.20 6.1 129.1 (9.1)
Islamic Holding Group 57.00 4.8 132.9 (27.6)
Qatar General Insur. & Reins. Co. 48.00 4.1 10.5 (6.1)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 10.30 3.7 1,377.2 (18.9)
Ezdan Holding Group 12.76 (0.2) 1,029.3 (19.7)
Mazaya Qatar Real Estate Dev. 11.06 0.5 926.9 (22.1)
Salam International Investment 9.35 (0.9) 835.9 (20.9)
Masraf Al Rayan 30.30 2.4 807.4 (19.4)
Market Indicators 18 Jan 16 17 Jan 16 %Chg.
Value Traded (QR mn) 306.9 374.0 (17.9)
Exch. Market Cap. (QR mn) 455,679.7 457,864.3 (0.5)
Volume (mn) 10.0 12.3 (18.8)
Number of Transactions 6,156 5,186 18.7
Companies Traded 42 40 5.0
Market Breadth 15:24 0:40 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,238.18 (0.1) (7.3) (18.3) 8.8
All Share Index 2,269.16 (0.5) (7.3) (18.3) 8.9
Banks 2,305.45 (0.8) (5.9) (17.8) 9.4
Industrials 2,570.74 (1.5) (8.4) (19.3) 9.8
Transportation 2,021.09 (1.0) (8.1) (16.9) 9.6
Real Estate 1,844.58 (0.1) (10.0) (20.9) 6.0
Insurance 3,589.23 0.8 (4.5) (11.0) 9.9
Telecoms 870.87 5.5 (4.4) (11.7) 19.0
Consumer 4,584.11 (1.7) (9.7) (23.6) 10.1
Al Rayan Islamic Index 3,033.44 (0.9) (9.1) (21.3) 9.0
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Arriyadh Development Saudi Arabia 15.10 9.7 5,275.6 (17.6)
Kingdom Holding Co. Saudi Arabia 11.12 9.6 1,486.2 (29.6)
Commercial Facilities Kuwait 0.15 7.1 24.6 (13.8)
Ahli Bank Qatar 46.00 7.0 0.0 (0.1)
Zamil Industrial Inv. Saudi Arabia 26.95 6.9 867.6 (17.2)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Kayan Petrochem. Saudi Arabia 4.72 (9.2) 96,141.3 (30.3)
National Shipping Co. Saudi Arabia 35.56 (9.2) 10,468.3 (23.6)
Tihama Adv. & Public Saudi Arabia 18.59 (8.2) 4,342.8 (37.6)
Abu Dhabi Nat. Hotels Abu Dhabi 2.50 (7.4) 6.0 (13.8)
Sharjah Islamic Bank Abu Dhabi 1.21 (6.9) 570.0 (19.3)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200
Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Dlala Brokerage & Inv Holding Co. 13.28 (7.1) 65.4 (28.2)
Qatar National Cement Co. 88.70 (6.1) 55.3 (13.0)
Qatari Investors Group 25.85 (5.7) 300.8 (31.4)
Al Meera Consumer Goods Co. 173.30 (5.3) 25.6 (21.2)
Mannai Corporation 84.50 (5.1) 9.9 (11.3)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 149.50 (1.6) 48,878.5 (14.6)
Industries Qatar 91.50 (0.7) 30,020.7 (17.6)
Masraf Al Rayan 30.30 2.4 23,973.8 (19.4)
Qatar Islamic Bank 77.30 (2.4) 20,398.2 (27.6)
Gulf International Services 38.95 1.2 19,988.3 (24.4)
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* 8,516.82 (0.1) (7.3) (18.3) (18.3) 84.29 125,129.6 8.8 1.3 6.0
Dubai 2,677.50 (0.3) (4.9) (15.0) (15.0) 107.10 73,856.4 10.9 1.0 4.4
Abu Dhabi 3,794.98 0.2 (4.0) (11.9) (11.9) 41.05 107,321.5 10.7 1.3 6.0
Saudi Arabia 5,525.12 0.1 (5.4) (20.1) (20.1) 1,806.87 340,598.6 12.6 1.3 4.6
Kuwait 5,054.64 (0.9) (4.0) (10.0) (10.0) 39.60 77,648.3 13.9 0.9 5.2
Oman 4,981.57 0.7 (2.6) (7.9) (7.9) 8.39 20,704.5 9.1 1.1 5.3
Bahrain 1,196.27 0.0 (0.4) (1.6) (1.6) 0.68 18,806.6 7.8 0.8 5.7
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)
8,300
8,400
8,500
8,600
8,700
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index declined 0.1% to close at 8,516.8. The Consumer Goods &
Services and Industrials 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.
 Dlala Brokerage & Investments Holding Co. and Qatar National Cement Co.
were the top losers, falling 7.1% and 6.1%, respectively. Among the top
gainers, Ahli Bank gained 7.0%, while Zad Holding Co. was up 6.8%.
 Volume of shares traded on Monday fell by 18.8% to 10.0mn from 12.3mn
on Sunday. However, as compared to the 30-day moving average of 5.9mn,
volume for the day was 70.2% higher. Vodafone Qatar and Ezdan Holding
Group were the most active stocks, contributing 13.8% and 10.3% to the
total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, 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
Alujain Corporation Saudi Arabia SR – – 72.3 -49.2% 27.5 -57.9%
Aldrees Petroleum and Tran. Services Saudi Arabia SR – – 35.7 3.5% 33.0 5.4%
Dur Hospitality Co. Saudi Arabia SR – – 23.5 NA 23.4 NA
Yamama Cement Co. Saudi Arabia SR – – 205.0 19.9% 180.0 18.4%
Saudi Electricity Co. Saudi Arabia SR – – -1,781.0 NA -1,445.0 NA
Tabuk Cement Co. Saudi Arabia SR – – 23.4 -19.6% 22.6 -21.8%
Saudi Industrial Development Co. Saudi Arabia SR – – -4.2 NA -9.6 NA
Arabian Cement Co. Saudi Arabia SR – – 174.0 13.5% 156.5 8.2%
Southern Province Cement Co. Saudi Arabia SR – – 303.0 20.2% 298.0 21.6%
Anaam International Holding Group Saudi Arabia SR – – 2.9 NA 2.4 NA
Saudi Company for Hardware Saudi Arabia SR – – 36.4 7.1% 37.9 25.9%
Hail Cement Co. Saudi Arabia SR – – 32.6 -26.7% 30.0 -26.7%
The Company for Cooperative Ins. Saudi Arabia SR 2,407.2 38.1% – – 99.5 -37.7%
United Wire Factories Co. Saudi Arabia SR – – 14.7 9.7% 12.1 -6.2%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
01/18 UK Rightmove Rightmove House Prices MoM January 0.50% – -1.10%
01/18 UK Rightmove Rightmove House Prices YoY January 6.50% – 7.40%
01/18 Italy ISTAT Trade Balance Total November 4,409m – 4,817m
01/18 Italy ISTAT Trade Balance EU November 1,097m – 1,296m
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 42.73% 35.15% 23,266,128.77
Qatari Institutions 11.92% 12.63% (2,185,942.33)
Qatari 54.65% 47.78% 21,080,186.44
GCC Individuals 1.98% 0.82% 3,566,331.94
GCC Institutions 3.05% 11.06% (24,576,480.51)
GCC 5.03% 11.88% (21,010,148.57)
Non-Qatari Individuals 16.94% 15.47% 4,512,238.35
Non-Qatari Institutions 23.37% 24.86% (4,582,276.22)
Non-Qatari 40.31% 40.33% (70,037.87)

3. Page 3 of 7
Earnings Calendar
Tickers Company Name Date of reporting 4Q2015 results No. of days remaining Status
QIBK Qatar Islamic Bank 19-Jan-16 0 Due
GWCS Gulf Warehousing Company 20-Jan-16 1 Due
KCBK Al Khaliji 20-Jan-16 1 Due
QNCD Qatar National Cement Company 20-Jan-16 1 Due
NLCS National Leasing (Alijarah) 21-Jan-16 2 Due
DHBK Doha Bank 24-Jan-16 5 Due
QOIS Qatar & Oman Investment 24-Jan-16 5 Due
QIGD Qatari Investors Group 25-Jan-16 6 Due
VFQS Vodafone Qatar 26-Jan-16 7 Due
MRDS Mazaya Qatar 26-Jan-16 7 Due
IHGS Islamic Holding Group 27-Jan-16 8 Due
QIIK Qatar International Islamic Bank 27-Jan-16 8 Due
CBQK Commercial Bank 27-Jan-16 8 Due
QISI Qatar Islamic Insurance 27-Jan-16 8 Due
DOHI Doha Insurance 31-Jan-16 12 Due
GISS Gulf International Services 2-Feb-16 14 Due
QIMD Qatar Industrial Manufacturing Company 7-Feb-16 19 Due
MPHC Mesaieed Petrochemical Holding Company 7-Feb-16 19 Due
QGRI Qatar General Insurance & Reinsurance 10-Feb-16 22 Due
ORDS Ooredoo 1-Mar-16 42 Due
Source: QSE
News
Qatar
 MARK net profit dips 3% YoY to QR559mn in 4Q2015, in-line with
QNBFS estimates – According to Reuters calculations, Masraf Al
Rayan (MARK) reported a 3% fall in net profit to QR559mn in
4Q2015 (QR576mn in 4Q2014), in-line with our estimate of
QR553mn. The net profit for FY2015 was QR2.07bn, up 3.6% YoY.
The bank’s total assets reached QR83bn in 2015, up 3.7% YoY.
MARK’s financing activities increased to QR62.3bn in 2015
reflecting a growth of 7.5% YoY. The bank’s investments increased
to QR15bn in 2015, compared with QR14.8bn in 2014. Customers’
deposits decreased to QR55.6bn in 2015 compared with QR62.5bn
in 2014, a decline of 11.1%. EPS reached QR 2.7 in 2015 compared
to QR2.6 in 2014. Capital adequacy ratio reached 18.54% (using
Basel-III standards) in 2015 compared to 18.36% on December 31,
2014 based on Basel-II standards. The bank’s board of directors
(BoD) recommended a dividend distribution of QR1.75 per share,
or 17.5% of the paid-up capital. However, this needs to be
approved by the general assembly of shareholders after obtaining
the approval of the Qatar Central Bank (QCB). MARK CEO Adel
Mustafawi noted that the published consolidated financial
statements include MARK along with the group subsidiaries and
affiliates, including the financial statements of Al Rayan Bank Plc,
which has achieved a net profit of £10mn, equivalent to QR57mn.
(Reuters, Gulf-Times.com)
 GISS BoD meeting on February 2 – Gulf International Services
Company (GISS) has announced that its board of directors (BoD)
will meet on February 2, 2016 to discuss its financial results
ending December 31, 2015. (QSE)
 MPHC BoD meeting on February 7 – Mesaieed Petrochemical
Holding Company (MPHC) has announced that its board of
directors (BoD) will meet on February 7, 2016 to approve the
financial results ending December 31, 2015. (QSE)
 QIMD BoD meeting on February 7 – Qatar Industrial Manufacturing
Company (QIMD) has announced that its board of directors (BoD)
will meet on February 7, 2016 to discuss its financial results
ending December 31, 2015. (QSE)
 First public procurement expo to begin on March 8 – The first
edition of ‘Government Procurement and Contracting Conference
& Exhibition’ (MOUSHTARAYAT), which aims at providing ample
business opportunities to local companies, will kick off on March 8,
2016. The three-day event also aims at opening new vistas for
interaction between local small and medium-sized enterprises
(SMEs) and the important stakeholders, in addition to
strengthening cooperation between private and public sector
companies in Qatar. (Peninsula Qatar)
International
 JP Morgan: Oil producing nations to sell $240bn assets in 2016 –
According to estimates from JP Morgan, oil-producing countries
will sell $240bn of international assets in 2016, mostly stocks and
bonds, in an attempt to hold together budgets blown apart by the
slump in oil prices. That sum will come from running down their
foreign exchange reserves and Sovereign Wealth Fund holdings.
They will also raise some $20bn by selling government bonds of
their own to help cover a current account shortfall of $260bn.
These countries will sell holdings of US Treasuries and other
bonds worth about $110bn plus $75bn of equity investments, up
from $45bn and $10bn in 2015. The remaining funds will come
from liquidating other assets such as cash, real estate and private
equity. (Reuters)
 Germany, UK say EU bank capital rules need easing for smaller
lenders – Germany and Britain said in an EU document that the
European Union's (EU) tougher bank capital rules are making it
harder for smaller lenders to compete and should be scaled back.
It is the latest sign of how policy makers are being more
accommodative towards lenders in a bid to boost the flow of funds
to companies at a time of sluggish economic growth. The 28-
country bloc introduced stricter capital rules for lenders following
the 2007-09 financial crisis that forced taxpayers to bail out
undercapitalized banks. Germany and Britain, two of the bloc's
biggest banking centers, said the new EU capital rules are modeled
on the global Basel III accord, which is aimed at the biggest lenders
who have deep enough pockets to comply with complex rules.
(Reuters)

4. Page 4 of 7
 China to start implementing RRR for offshore banks' domestic
deposits – The People’s Bank of China (PBOC), said it will start
implementing a reserve requirement ratio (RRR) on offshore
banks' domestic deposits, in what appears to be its latest attempt
to stem speculation in the yuan and manage money flowing in and
out of the country. Confusion over China's foreign exchange policy
and its commitment to reforms has sparked mayhem in global
financial markets in recent weeks as the central bank allowed the
yuan to fall sharply and then moved in aggressively to try to steady
it. Sources revealed that the PBOC is preparing to raise the reserve
requirement ratio next week for yuan deposits placed in yuan
clearing banks to the normal level. The rate is currently at zero.
The PBOC confirmed the move would be effective on January 25,
2016 saying it would help set up a long-term mechanism to
regulate cross-border yuan fund flows and would help offshore
financial institutions better manage their yuan liquidity. However,
it made no mention of increasing restrictions on banks in its
statement, adding to uncertainty in markets about China's policy
intentions. The normal RRR rate in China is 17.5% for large banks
and 15.5% for smaller banks. (Reuters)
 China growth slows to 6.8% YoY in 4Q2015, weakest since 2009 –
China's economy grew 6.8% YoY in 4Q2015, matching
expectations and the slowest since the global financial crisis,
putting pressure on Beijing to roll out more support measures as
fears of a sharper slowdown panic investors. Chinese leaders have
been struggling to put a floor under cooling activity, even as a
renewed plunge in the country's stock markets and the yuan
currency have stoked worries that conditions in the world's
second-largest economy may be rapidly deteriorating. After being
a major locomotive of global growth in recent years, China is
locked in the midst of a protracted slowdown, weighed down by
weak exports, factory overcapacity, slowing investment, a soft
property market and high debt levels. Reuters had predicted
4Q2015 GDP growth of 6.8%, easing from 6.9% in 3Q2015. It is the
weakest pace of expansion since the 1Q2009, when growth
tumbled to 6.2%. Full-year growth was 6.9%, roughly in line with
the government's target of around 7% but the slowest pace of
expansion for China in a quarter of a century. Meanwhile, National
Bureau of Statistics Chief Wang Baoan said China's unemployment
rate is at around 5.1%, without giving a time frame. He
acknowledged that slowdown in both property and stock market
had had an impact on the economy in 2015. (Reuters)
Regional
 MEED: Value of GCC project contract awards to drop 15% in 2016 –
According to a report by MEED, the value of construction contracts
due to be awarded in 2016 would drop by 15% as government
spending plans in the GCC are hit by low oil prices. The value of
projects is likely to decline to $140bn in 2016, as compared to
$165bn in 2015. Saudi Arabia would be one of the hardest-hit
markets, with new contract awards may drop by almost 20%, or
about $10bn, to $40.7bn. Contract awards in Qatar may fall by
24% to $22.2bn and Kuwait by 23% to $24.3bn from an all-time
high of $31.5bn in 2015. Meanwhile, the UAE would experience a
drop of only 2.4%, or $900mn, in contract awards to $36.5bn from
$37.4bn. MEED said that the market would be buoyed by
continued spending on real estate and infrastructure in Dubai, and
by long-term strategic spending on oil & gas projects in Abu Dhabi.
(GulfBase.com)
 APTSCO BoD recommends 20% dividend for 2015 – Aldrees
Petroleum & Transport Services Company’s (APTSCO) board of
directors (BoD) has recommended the distribution of 20%
dividend (SR2 per share) amounting to SR80mn for 2015. The
shareholders registered in the registers of the Securities
Depository Center (Tadawul) on the general assembly date, which
will be announced later, shall be eligible for the dividend.
(Tadawul)
 HSBC Saudi Arabia announces rebalancing of HSBC Saudi 20 ETF –
HSBC Saudi Arabia Limited has carried out rebalancing of the
HSBC Saudi 20 ETF on Jan 17, 2016 in line with the Index. The
revised portfolio composition is available on the company’s
website. (Tadawul)
 Riyad Bank to sell land worth SR202.5mn in Jeddah – Riyad Bank
has said that it has reached an initial agreement to sell a piece of
land located in Al-Andalus district, Jeddah, for around SR202.5mn.
The completion of the sale is linked to receiving the full value of
the land and the transfer of ownership procedures, noting that the
buyer is not a related party of the bank. Upon completing the deal,
the bank will record a non-recurring capital gain of about
SR201mn, where the book value of the land is SR1.4mn. The
relevant financial impact will appear in 2016. (Tadawul)
 Middle East Healthcare Company delays launch of IPO – Saudi
Arabia’s Middle East Healthcare Company has requested the
Capital Market Authority (CMA) to postpone the launch of its
initial public offering (IPO) till a further date, to be set in the
coming six weeks. The CMA board approved the request, provided
that the IPO should be completed before March 31, 2016. In case,
the share offering is not completed before the above-stated date,
the CMA’s approval on the company’s prospectus and share
offering will be considered canceled. The healthcare services
provider earlier obtained CMA’s approval to float 27.61mn shares,
representing 30% of issued capital. (Tadawul)
 Kingdom Holding closes refinancing of $381.3mn loan – Kingdom
Holding Company has completed the refinancing of a $381.3mn
loan facility. The loan backed by the Four Season Hotel George V
was extended by a consortium of three banks. Credit Agricole
Corporate and Investment Bank, Natixis Pfandbriefbank, and
Societe Generale Corporate and Investment Banking acted as co-
lead arrangers, while Credit Agricole acted as the facility and
security agent for the transaction. (Reuters)
 CEO: SABIC can cope with rising competition – Saudi Basic
Industries Corporation (SABIC) CEO Yousef Abdullah Al-Benyan
has said that SABIC can adapt to any new petrochemicals supply
entering the market from outside the Kingdom, as Iran’s release
from sanctions promises increased global oil supply.
Petrochemical companies in the Kingdom have been struggling
with falling oil prices, both as product prices are closely linked to
crude and cheaper oil erodes the competitive advantage which
Saudi manufacturers accrue over non-oil producing nations due to
subsidized energy and feedstock. (Reuters)
 KAP increases its capacity to over 2.7mn TEUs – Ports Development
Company (PDO) CEO Engineer Abdullah bin Muhammad
Hameedaddin has said that the King Abdullah Port (KAP) has
successfully handled 1,307,017 TEUs (twenty foot equivalent
unit). KAP is the first privately developed and managed port in the
Kingdom and the region. The port also opened its fourth berth in
May 2015, increasing its capacity to over 2.7mn TEUs as per its
Masterplan. (GulfBase.com)
 SABB reports 3.1% YoY decline in 4Q2015 net profit – Saudi British
Bank (SABB) reported a net profit of SR939mn in 4Q2015 as
compared to SR969mn in 4Q2014, representing a decrease of
3.1% YoY. The bank’s total assets stood at SR187.75bn at the end
of December 31, 2015 as compared to SR187.61bn in the year-ago
period. Loans & advances portfolio reached SR125.42bn, while
customer deposits stood at SR148.64bn. (Tadawul)
 Alinma Bank reports 16.27% YoY rise in 4Q2015 net profit – Alinma
Bank reported a net profit of SR386mn in 4Q2015 as compared to
SR332mn in 4Q2014, representing an increase of 16.27% YoY. The
bank’s total assets stood at SR88.72bn at the end of December 31,

5. Page 5 of 7
2015 as compared to SR80.86bn in the year-ago period. Loans &
advances portfolio reached SR56.57bn, while customer deposits
stood at SR65.54bn. (Tadawul)
 FHG announces transaction with related party – Fitaihi Holding
Group (FHG) has agreed to sell a product to IMC, a related party,
for SR1.47mn in cash, without special conditions. The product is
within the product range FHG operates. FHG owns 19.34% of
IMC’s capital. This transaction is subject to the upcoming general
assembly approval. The financial impact of this transaction will be
reflected in 1Q2016. (Tadawul)
 AIG makes announcement regarding impact of adjustment of energy
prices – Astra Industrial Group (AIG) has made an announcement
regarding the impact of the adjustment of energy prices. The
company said the financial effect of the adjustment will result in
additional costs of around SR18-23mn in annual operating
expenses. AIG said it would work on its strategy to improve
efficiency and optimization in the business to reduce the impact of
these additional costs as much as possible. (Tadawul)
 Agility confirms signing $235mn three-year loan with five banks –
The Public Warehousing Company (Agility) has confirmed that it
has entered into a three-year committed unsecured revolving
credit facility agreement with five banks for a $235mn loan. The
revolving credit facility has a term of three years and was provided
by National Bank of Abu Dhabi, HSBC Bank Middle East Limited,
Natixis, Banco Santander, and Standard Chartered. Agility intends
to use the facility for its future plans. The facility has extension
options for further two years, and will be used by Agility to finance
its future plans. (GulfBase.com)
 DPR exceeds leasing targets – Dubai Parks & Resorts (DPR) has
announced the second batch of leasing partners to join its dining,
retail, and entertainment destination, Riverland Dubai. In all, 34
lease proposals have been signed, combining household names
and new brands. Riverland Dubai’s management has confirmed
that it has leased over 50% of the dining and retail space,
achieving one of the destination’s key targets for 2015. The project
will be located at the centre of the DPR; all guests must pass
through the district en route to their destination. (Bloomberg)
 Emirates NBD reports 38.6% YoY surge in FY2015 net profit –
Emirates NBD reported a net profit of AED7.12bn in FY2015 as
compared to AED5.14bn in FY2014, representing a 38.6% YoY
increase. Net interest income rose 8% YoY due to asset growth and
a lower cost of deposits. Non-interest income improved 1% YoY, as
core fee income growth was offset by lower gains from the sale of
properties and investments. Core fee income improved 14% YoY
driven by growth in trade finance, foreign exchange and derivative
income, alongside growing credit card volumes. Total operating
income reached AED15.23bn in FY2015 as compared to
AED14.44bn in FY2014. The bank’s total assets stood at
AED406.56bn at the end of December 31, 2015 as compared to
AED363.02bn in the year-ago period. Loans & receivables and
Islamic financing receivables reached AED226.7bn and
AED43.88bn, respectively, while customer deposits stood at
AED224.38bn. The bank’s NPL ratio improved to 7.1% and
coverage ratio strengthened to 111.5%. EPS amounted to AED1.18
in FY2015 versus AED0.83 in FY2014. Meanwhile, Emirates NBD’s
board of directors (BoD) has recommended the distribution of
40% cash dividend for 2015. (DFM)
 Emirates Islamic Bank FY2015 net profit surges 75.9% YoY –
Emirates Islamic Bank reported a net profit of AED640.68mn in
FY2015 as compared to AED364.19mn in FY2014, representing a
75.9% YoY increase. Total income reached AED2.75bn, up 21.8%
YoY as compared to AED2.26bn in FY2014. The bank’s total assets
stood at AED53.2bn at the end of December 31, 2015 as compared
to AED42.91bn in the year-ago period. Financing & investing
receivables reached AED34.18bn, while customers’ accounts stood
at AED39.3bn. EPS amounted to AED0.163 in FY2015 versus
AED0.093 in FY2014. (DFM)
 Damac Properties launches its five-tower project – Damac
Properties has launched Navitas Hotel & Residences, a five-tower
project, in its Akoya Oxygen golf course community. With a total
value of AED850mn, one of the five towers will consist of 312 hotel
rooms, which will be managed by Damac Hotels & Resorts. The
remaining four towers will comprise residential units overlooking
the golf course and the entire project. Akoya Oxygen is a 55mn
square foot development in Dubailand. (GulfBase.com)
 DEWA to award 800-MW solar-plant contract by April 2016 – Dubai
Electricity and Water Authority (DEWA) CEO Saeed Mohammed Al
Tayer has said that DEWA will award a contract in three months
for construction of an 800-megawatt (MW) solar-power project.
The utility is speeding up the award process to meet higher
renewable-energy targets in Dubai. The project is set to be the
biggest solar project in any of the Gulf Cooperation Council’s six
nations. (Bloomberg)
 Shell to exit major Abu Dhabi gas field project – Royal Dutch Shell
(Shell) has decided to exit the multi-billion dollar plan to jointly
develop the Bab sour gas field in Abu Dhabi, citing the downturn in
the oil market. The company said following a careful and thorough
evaluation of technical challenges and costs, it will stop further
joint work on the project with Abu Dhabi National Oil Company
(ADNOC). Shell, in 2013, won a tender valued then at $10bn to
develop over a 30-year venture the complex sour gas field that
involves treating potentially deadly gases. The Bab sour joint
venture envisaged the construction of a 1bn cubic feet sour gas
processing plant for domestic market consumption. (Reuters)
 ADNOC to receive around $3.3bn in loan from Japanese banks –
Japan Bank for International Cooperation (JBIC) has signed a loan
agreement with the UAE’s state-owned Abu Dhabi National Oil
Company (ADNOC) for up to $2.1bn to help secure long-term oil
supplies. Seven other Japanese firms, including the Bank of Tokyo-
Mitsubishi UFJ, will provide additional financing, taking the total
loan amount to $3.3bn. The loans will help Japanese companies in
their efforts to renew oil field concessions in Abu Dhabi, of which
60% will expire in 2018. JBIC and other Japanese banks have
provided three other loan facilities to ADNOC since 2007. The
other co-financing firms are Sumitomo Mitsui Banking
Corporation, Mizuho Bank, Mitsubishi UFJ Trust and Banking
Corporation, Citibank Japan Limited, Sompo Japan Nipponkoa
Insurance, and Sumitomo Mitsui Trust Bank. Japan relies on Abu
Dhabi for about a quarter of total crude imports. (Reuters)
 NBAD announces $10bn commitment to finance green projects –
National Bank of Abu Dhabi (NBAD) has committed to lend, invest
and facilitate a total of $10bn of financing within the next 10 years
to projects focused on environmentally sustainable activities.
(GulfBase.com)
 Arcapita acquires US senior living real estate portfolio for $85mn –
Arcapita, in a joint venture with MorningStar Senior Living, has
acquired a privately-held portfolio of senior living communities in
Colorado, for a purchase consideration of $85mn. The current
portfolio consists of three assisted living and memory care
communities offering a total of 196 units and 243 licensed beds in
the Denver and Colorado Springs, Colorado. This transaction is
expected to be the first in a series of acquisitions of senior living
facilities by Arcapita, as it looks to develop another sizable senior
living portfolio in the US. Arcapita is a US-based wholly owned
subsidiary of Bahrain’s Arcapita Bank. (GulfBase.com)
 EDB: Bahrain non-oil sector grows 4.2% in 9M2015 – According to
the latest Bahrain Economic Quarterly (BEQ) issued by the
Economic Development Board (EDB), Bahrain’s non-oil growth in

6. Page 6 of 7
3Q2015 reached 3.3%, with growth in 9M2015 as a whole
reaching 4.2%. Overall growth in the economy reached 2.4% in the
3Q2015 and 3% during January-September 2015 as a whole.
Growth was driven by the continued resilience of the non-oil
sector. This performance was underpinned by robust performance
across a number of sectors. In particular, the report revealed that
the hotels & restaurants, and the social & personal services sectors
were among the key drivers of growth within the non-oil economy
for 3Q2015, with a YoY growth rate of around 8% and 6.3%,
respectively. The BEQ also highlighted expectations of further
growth in key sectors such as infrastructure, with nearly $6bn
worth of projects allocated, $3.7bn tendered, and $1.3bn
commenced to date. This will have a positive impact on the
construction sector in the upcoming years. In the banking sector,
bank credit continued to grow at a brisk pace with total bank
credit increasing by 7% as of 3Q2015-end. (GulfBase.com)

7. 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 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg: #Market closed on January 18, 2016 Source: Bloomberg (*$ adjusted returns: #Market closed on January 18, 2016)
80.0
100.0
120.0
140.0
160.0
180.0
Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
QSE Index S&P Pan Arab S&P GCC
0.1%
(0.1%)
(0.9%)
0.0%
0.7%
0.2%
(0.3%)
(1.2%)
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,088.90 0.0 0.0 2.6 MSCI World Index 1,514.05 (0.5) (0.5) (8.9)
Silver/Ounce 13.96 0.2 0.2 0.7 DJ Industrial# 15,988.08 0.0 0.0 (8.2)
Crude Oil (Brent)/Barrel (FM Future) 28.55 (1.3) (1.3) (23.4) S&P 500# 1,880.33 0.0 0.0 (8.0)
Crude Oil (WTI)/Barrel (FM Future)# 29.42 0.0 0.0 (20.6) NASDAQ 100# 4,488.42 0.0 0.0 (10.4)
Natural Gas (Henry Hub)/MMBtu # 2.18 0.0 0.0 (5.7) STOXX 600 328.64 (0.9) (0.9) (9.9)
LPG Propane (Arab Gulf)/Ton# 30.25 0.0 0.0 (21.2) DAX 9,521.85 (0.8) (0.8) (11.5)
LPG Butane (Arab Gulf)/Ton# 43.50 0.0 0.0 (21.1) FTSE 100 5,779.92 (0.5) (0.5) (10.4)
Euro 1.09 (0.2) (0.2) 0.3 CAC 40 4,189.57 (1.0) (1.0) (9.4)
Yen 117.32 0.3 0.3 (2.4) Nikkei 16,955.57 (1.6) (1.6) (8.5)
GBP 1.42 (0.1) (0.1) (3.3) MSCI EM 703.41 (0.8) (0.8) (11.4)
CHF 0.99 (0.4) (0.4) (0.3) SHANGHAI SE Composite 2,913.84 0.4 0.4 (18.8)
AUD 0.69 0.0 0.0 (5.8) HANG SENG 19,237.45 (1.5) (1.5) (12.8)
USD Index# 98.96 0.0 0.0 0.3 BSE SENSEX 24,188.37 (0.8) (0.8) (9.3)
RUB 79.32 2.1 2.1 9.4 Bovespa 37,937.27 (1.2) (1.2) (14.2)
BRL 0.25 (0.2) (0.2) (2.3) RTS 646.90 (0.9) (0.9) (14.5)
98.3
88.3
88.1