1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.2% to close at 11,891.5. Losses were led by the
Insurance and Telecoms indices, falling 1.1% and 0.7%, respectively. Top
losers were Qatar General Insurance and Reinsurance Co. and Qatar Industrial
Manufacturing Co., falling 5.7% and 3.1%, respectively. Among the top gainers,
Qatar Oman Invest. Co. rose 4.7%, while Barwa Real Estate Co. was up 3.4%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.6% to close at 8,482.9. Losses were led
by the Petrochemical Ind. and Telecommunication & IT indices, falling 1.5%
each. Saudi Ind. Investment fell 3.4%, while Nat. Industrial. down 3.0%.
Dubai: The DFM Index declined 0.2% to close at 3,893.5. The Real Estate &
Const. index fell 2.1%, while the Consumer Staples index was down 1.5%. Al-
Madina for Finance & Inv. declined 5.1%, while Hits Telecom was down 4.7%.
Abu Dhabi: The ADX benchmark index rose 0.3% to close at 4,567.3. The
Industrial index gained 1.1%, while the Consumer index was up 0.8%. Int. Fish
Farming Holding surged 15.0%, while Sharjah Islamic Bank was up 8.1%.
Kuwait: The KSE Index declined 0.4% to close at 6,623.4. The Technology
index fell 2.5%, while the Insurance index was down 1.5%. Al-Safat Energy
Holding declined 7.8%, while Al-Madina for Finance & Inv. was down 7.4%.
Oman: The MSM Index rose 1.0% to close at 6,655.3. Gains were led by the
Services and Industrial indices, rising 0.9% and 0.7%, respectively. Al Batinah
Dev. Inv. Holding gained 9.7%, while National Securities was up 7.5%.
Bahrain: The BHB Index fell 0.1% to close at 1,431.9. The Industrial index
declined 1.0%, while the Commercial Bank index was down 0.1%. Ithmaar
Bank fell 2.9%, while Aluminium Bahrain was down 1.0%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Oman Investment Co. 15.28 4.7 225.7 (0.8)
Barwa Real Estate Co. 44.40 3.4 6,146.5 6.0
Qatar Islamic Insurance Co. 78.50 1.9 1.3 (0.6)
Zad Holding Co. 84.10 1.2 1.1 0.1
Gulf International Services 98.50 1.1 820.9 1.4
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 44.40 3.4 6,146.5 6.0
Mazaya Qatar Real Estate Dev. 19.24 1.0 1,094.7 0.5
Qatar Gas Transport Co. 23.44 0.3 937.2 1.5
Gulf International Services 98.50 1.1 820.9 1.4
Vodafone Qatar 14.79 0.3 423.3 (10.1)
Market Indicators 19 Jan 15 18 Jan 15 %Chg.
Value Traded (QR mn) 626.3 312.3 100.5
Exch. Market Cap. (QR mn) 647,861.5 650,078.5 (0.3)
Volume (mn) 13.2 6.6 100.5
Number of Transactions 6,209 4,519 37.4
Companies Traded 41 41 0.0
Market Breadth 17:22 21:16 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,736.01 (0.2) 0.2 (3.2) #N/A N/A
All Share Index 3,049.62 (0.3) 0.1 (3.2) 14.5
Banks 3,154.14 (0.6) (0.0) (1.6) 14.5
Industrials 3,730.87 (0.3) (0.3) (7.6) 13.0
Transportation 2,316.49 0.2 (1.3) (0.1) 13.6
Real Estate 2,245.38 1.2 2.2 0.0 19.6
Insurance 3,695.72 (1.1) (1.3) (6.6) 11.3
Telecoms 1,380.37 (0.7) (0.1) (7.1) 19.1
Consumer 6,939.82 (0.4) (0.3) 0.5 27.9
Al Rayan Islamic Index 4,011.52 (0.0) 0.8 (2.2) 16.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Sharjah Islamic Bank Abu Dhabi 2.00 8.1 2,243.4 13.6
Nat. Mobile Telecom. Kuwait 1.42 6.0 65.5 1.4
Raysut Cement Co. Oman 1.80 5.9 21.2 7.8
Abu Dhabi Islamic Bank Abu Dhabi 6.15 4.6 4,887.8 7.9
Ooredoo Oman 0.70 4.2 1,209.5 10.8
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Qatar Gen. Ins. & Reins. Qatar 54.60 (5.7) 0.2 (7.5)
Saudi Ind. Investment Saudi Arabia 24.48 (3.4) 612.4 (3.8)
Arabtec Holding Co. Dubai 3.10 (3.1) 60,290.5 5.8
Qatar Ind. Manufacturing Qatar 43.60 (3.1) 17.6 0.6
Nat. Industrialization Co. Saudi Arabia 26.16 (3.0) 1,303.7 (1.7)
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar General Ins. and Reins. Co. 54.60 (5.7) 0.2 (7.5)
Qatar Industrial Manufacturing Co. 43.60 (3.1) 17.6 0.6
Qatar Islamic Bank 104.20 (2.7) 239.3 2.0
Qatari Investors Group 38.20 (1.9) 11.7 (7.7)
Commercial Bank of Qatar 66.60 (1.3) 255.4 (2.8)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 44.40 3.4 271,677.2 6.0
Gulf International Services 98.50 1.1 80,540.3 1.4
QNB Group 204.50 (0.3) 44,551.0 (3.9)
Qatar Islamic Bank 104.20 (2.7) 25,216.8 2.0
Qatar Gas Transport Co. 23.44 0.3 21,801.2 1.5
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 11,891.46 (0.2) 0.2 (3.2) (3.2) 172.02 177,902.8 15.3 1.9 3.9
Dubai 3,893.50 (0.2) 1.3 3.2 3.2 277.78 93,453.9 11.4 1.5 5.1
Abu Dhabi 4,567.25 0.3 1.9 0.8 0.8 73.25 127,424.2 12.3 1.6 3.6
Saudi Arabia 8,482.93 (0.6) 0.3 1.8 1.8 1,770.35 490,304.8 15.7 2.0 3.2
Kuwait 6,623.40 (0.4) 0.4 1.3 1.3 97.76 100,227.7 16.6 1.1 3.9
Oman 6,655.27 1.0 2.1 4.9 4.9 23.30 25,083.8 9.4 1.4 4.3
Bahrain 1,431.93 (0.1) 0.2 0.4 0.4 0.40 53,657.3 10.4 0.9 4.8
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)
11,850
11,900
11,950
12,000
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 0.2% to close at 11,891.5. The
Insurance and Telecoms indices led the losses. The index fell on
the back of selling pressure from Qatari shareholders despite
buying support from non-Qatari shareholders.
 Qatar General Insurance and Reins. Co. and Qatar Industrial
Manufacturing Co. were the top losers, falling 5.7% and 3.1%,
respectively. Among the top gainers, Qatar Oman Investment
Co. rose 4.7%, while Barwa Real Estate Co. was up 3.4%.
 Volume of shares traded on Monday rose by 100.5% to 13.2mn
from 6.6mn on Sunday. However, as compared to the 30-day
moving average of 14.7mn, volume for the day was 10.6% lower.
Barwa Real Estate Co. and Mazaya Qatar Real Estate
Development were the most active stocks, contributing 46.6%
and 8.3% to the total volume respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings and Global Economic Data
Earnings Releases
Company Market Currency
Revenue
(mn) 4Q2014
% Change
YoY
Operating Profit
(mn) 4Q2014
% Change
YoY
Net Profit (mn)
4Q2014
% Change
YoY
Tabuk Agricultural
Development Co. (TADCO)
Saudi Arabia SR – – 3.4 NA 1.7 NA
Saudi United Cooperative
Insurance Co. (Walaa)
Saudi Arabia SR 84.9 44.2% – – 0.1 -99.5%
Saudi Industrial Investment
Group (SIIG)
Saudi Arabia SR – – 401.0 -10.1% 85.0 -58.1%
Saudi International
Petrochemical Co.
(Sipchem)
Saudi Arabia SR – – 263.1 -25.7% 132.4 -32.7%
AXA Cooperative Insurance
Co. (AXA-Cooperative)
Saudi Arabia SR 243.6 62.7% – – 1.6 -5.4%
Alkhaleej Training and
Education Co. (Alkhaleej
Trng)
Saudi Arabia SR – – 34.9 -1.4% 32.2 2.6%
Yanbu Cement Co. (YCC) Saudi Arabia SR – – 199.0 25.9% 193.0 20.6%
Eastern Province Cement
Co. (EPCCO)
Saudi Arabia SR – – 78.0 36.8% 79.0 43.6%
Saudi Electricity Co. (Saudi
Electric.)
Saudi Arabia SR – – -1,609.0 NA -1,802.0 NA
Wataniya Insurance Co.
(Wataniya)
Saudi Arabia SR 25.5 -17.8% – – 0.1 -89.8%
Al Hammadi Company For
Development and
Investment (Al Hammadi)
Saudi Arabia SR – – 34.6 1.1% 33.7 1.4%
Saudi Industrial Services Co.
(SISCO)
Saudi Arabia SR – – 39.7 17.7% 18.5 56.9%
National Gypsum Co. (NGC) Saudi Arabia SR – – 4.5 137.9% 2.3 1,065.0%
Gulf General Cooperative
Insurance Co. (Gulf General)
Saudi Arabia SR 26.7 2.8% – – -7.4 NA
Saudi Arabia Refineries Co.
(SARCO)
Saudi Arabia SR – – 2.2 NA 1.8 NA
Saudi Advanced Industries
Co. (SAIC)
Saudi Arabia SR – – 3.6 -26.0% 2.3 -49.3%
Saudi Telecom (STC) Saudi Arabia SR – – 2,384.0 -16.4% 2,442.0 -32.6%
Al-Rajhi Company for
Cooperative Insurance.
(AlRajhi Takaful)
Saudi Arabia SR 201.8 50.7% – – -13.5 NA
Southern Province Cement
Co. (spcc)
Saudi Arabia SR – – 252.0 16.1% 245.0 -3.5%
Saudi Indian Company for
Co- operative Insurance
(WAFA Insurance)
Saudi Arabia SR 49.6 33.5% – – 0.4 -64.2%
Trade Union Cooperative
Insurance Co. (Trade Union)
Saudi Arabia SR 145.2 -43.1% – – 2.8 -41.9%
United International
Transportation Company
Ltd. (Budget Saudi)
Saudi Arabia SR – – 15.0 -18.7% 44.7 19.1%
Saudi Orix Leasing Co. Saudi Arabia SR – – 45.7 10.5% 29.1 5.3%
Aljazira Takaful Taawuni Co.
(Jazira Takaful)
Saudi Arabia SR -0.5 NA – – 1.3 NA
Arabia Insurance
Cooperative Co. (AICC)
Saudi Arabia SR 76.8 6.6% – – 1.2 -20.5%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 68.49% 72.84% (27,218,352.91)
Non-Qatari 31.51% 27.16% 27,218,352.91

3. Page 3 of 6
Bupa Arabia for Cooperative
Insurance (Bupa Arabia)
Saudi Arabia SR 820.0 44.5% – – 2.3 -46.1%
Al-Tayyar Travel Group
Holding Co. (ALTAYYAR)
Saudi Arabia SR – – 245.0 15.0% 236.0 13.5%
Zamil Industrial Investment
Co. (Zamil Indust)
Saudi Arabia SR – – 117.0 -0.5% 64.9 8.0%
Bishah Agriculture
Development Co.
(BISHACO)
Saudi Arabia SR – – -1.2 NA -1.1 NA
Al Mazaya Holding Co. (Al
Mazaya)*
Dubai KD 16.7 -35.8% – – 8.1 34.7%
Port Services Corporation
(PSC)*
Oman OMR 14.2 -37.2% 3.3 -65.5% 3.1 -51.3%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
01/19 EU European Central Bank ECB Current Account SA November 18.1B – 19.5B
01/19 EU European Central Bank Current Account NSA November 24.6B – 29.7B
01/19 EU Eurostat Construction Output MoM November -0.10% – 1.10%
01/19 EU Eurostat Construction Output YoY November 2.20% – 0.30%
01/19 France Ministry of Economy 3M T-Bill Amount Sold 19-January €3,594M – €2,991M
01/19 France Ministry of Economy 3M T-Bill Average Yield 19-January -0.15% – -0.11%
01/19 France Ministry of Economy 3M T-Bill Bid/Cover Ratio 19-January 3.6 – 3.7
01/19 France Ministry of Economy 6M T-Bill Amount Sold 19-January €1,594M – €1,594M
01/19 France Ministry of Economy 6M T-Bill Average Yield 19-January -0.15% – -0.10%
01/19 France Ministry of Economy 6M T-Bill Bid/Cover Ratio 19-January 4.7 – 4.2
01/19 France Ministry of Economy 12M T-Bill Amount Sold 19-January €1,593M – €1,995M
01/19 France Ministry of Economy 12M T-Bill Average Yield 19-January -0.14% – -0.10%
01/19 France Ministry of Economy 12M T-Bill Bid/Cover Ratio 19-January 3.0 – 3.2
01/19 UK Rightmove House Prices MoM January 1.40% – -2.20%
01/19 UK Rightmove House Prices YoY January 8.20% – 7.00%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 ABQK 2014 net profit soars by 17.3% YoY – Ahli Bank
(ABQK) generated a net profit of QR601.3mn, in-line with our
estimate of QR597.4mn. The bottom-line grew by 17.3% YoY.
The bank’s EPS amounted to QR3.64 in 2014 as compared to
QR3.18 in 2013. ABQK announced a cash dividend of
QR1.50/share and 10.0% bonus shares. (QE, QNBFS
Research)
 Nebras Power gets financing for solar power project in
Jordan – Nebras Power, with its partners Diamond Generating
Europe (DGE) and Kawar Group, have signed a finance
agreement for Shams Ma’an Solar Power Plant Project in
Jordan. The finance agreement for the 52.5 megawatts capacity
project in Jordan is for 18 years. Nebras Power owns 35% of the
project, while DGE owns 35% and Kawar Group owns 30%. The
financing has been jointly done by a group of international banks
and export credit agencies. Nebras Power along with its
partners will finance the development of the project and own and
operate the plant located in Ma’an Jordan. Nebras is a Qatari
joint stock company in which Qatar Electricity & Water Company
(QEWS) owns 60%, Qatar Holding owns 20% and Qatar
Petroleum International Ltd has 20% stake. (Peninsula Qatar)
 QIGD BoD to meet on February 4 – Qatari Investors Group
(QIGD) board of directors will meet on February 4, 2015 to
discuss and approve the financial results ending on December
31, 2014. (QSE)
 QOIS announces the agenda for AGM on March 23 – Qatar
Oman Investment Company (QOIS) has announced its agenda
for its ordinary general assembly meeting scheduled on March
23, 2015. In the absence of required quorum, a second meeting
will be held on March 30, 2015. (QSE)
 SIIS postpones board meeting to February 5 – Salam
International Investment Ltd (SIIS) has postponed its board
meeting to February 5, 2015. It was earlier scheduled on
February 1, 2015. The board meeting will review and approve
the financial statements for the financial year ended on
December 31, 2014. (QSE)
International
 EU health chief says no consensus on EU-US trade deal –
The European Union's (EU) Commissioner for Health & Food
Safety Vytenis Andriukaitis said no clear majority has emerged
among EU states for a free-trade agreement between the EU
and the US. Chancellor Angela Merkel has urged the 28-nation
EU to speed up negotiations with the US on what could be the
world's biggest trade deal. However, there is public opposition in
Europe based on fears of weaker food and environmental
standards. So both sides still need to explain the benefits of
such a deal. The EU has said the final wording would, however,
remain confidential until an agreement was reached on the
Transatlantic Trade & Investment Partnership. (Reuters)
 IMF warns of consequences to Greek debt restructuring;
hopes erratic Swiss situation stabilizes soon – The head of
the International Monetary Fund (IMF), Christine Lagarde, has
warned Greece that there would be consequences to
restructuring its debt after elections, in which opponents of the
country’s €240bn bailout lead in the polls. Leftist party Syriza,
which widened its opinion poll lead over the ruling conservatives
ahead of the January 25 election, says it will remove the
austerity imposed under the bailout and calls for an international

4. Page 4 of 6
conference to renegotiate debts of Greece. Syriza’s leader
Alexis Tsipras has suggested a conference modeled on the
1953 meeting at which Western powers agreed to cut the debts
of West Germany by 50% after World War II. Meanwhile, the
head of the European Commission Jean-Claude Juncker said
any new Greek government will have to deliver on the
commitments of its predecessors and continue reforms. Syriza
is running on a pledge to end austerity policies, reverse some
reforms, stop privatization and renegotiate the country's debt.
Meanwhile, Lagarde said she hoped the erratic situation brought
about by the Swiss Central Bank's decision to scrap its three-
year-old cap would stabilize shortly, adding that people were not
informed of the move ahead of time. (Reuters)
 China GDP beats estimates with 2014 expansion almost on
target – The economic growth in China beat economists’
estimates in 4Q2014, helping the full-year expansion to be close
to the government’s target and suggesting that stimulus efforts
have started to boost demand. GDP rose 7.3% YoY in 4Q2014,
beating the Bloomberg median estimate of 7.2%. Overall, the
Chinese economy expanded 7.4% in 2014, the slowest pace
since 1990. The Chinese yuan rose and swap rates increased
after the data. The central bank cut interest rates for the first
time in two years in November 2014 and the government
accelerated the approval of infrastructure projects to boost an
economy mired in a property slump and overcapacity. Robust
external demand fueled by the US recovery has helped underpin
growth in an economy that is moving away from investment-led
expansion. However, a Reuters poll indicates that economic
growth in China is likely to cool in 2015, restrained by sluggish
lending, a housing slump and weak global demand. (Bloomberg,
Reuters)
 Brazil raises taxes by $7.5bn in quest for confidence –
Brazil’s Finance Minister Joaquim Levy said the government will
raise taxes on fuel, imports, credit and cosmetics as part of
efforts to restore confidence in its fiscal discipline. He said these
measures will increase revenue by more than $7.5bn. As part of
the new policy, Brazil will resume collection of the so-called
‘Cide tax’ on fuel and raise taxes on loans to individuals and
imports. It will also change the system used to collect taxes on
cosmetic products. Policies adopted by President Dilma
Rousseff’s administration earlier during her first four years in
office had widened the country’s budget deficit, slowed growth
and fanned inflation. Levy, who took office this month, is
undoing those policies to prevent Latin America’s biggest
economy from losing its investment-grade status. (Bloomberg)
Regional
 Asiya Investments: Lower oil prices to fuel greater GCC-
Asia ties – According to a report by Asiya Investments, the
GCC region, led by Saudi Arabia has been the main energy
exporting region in the world over the past 25 years. While the
GCC's role in supplying crude oil to global markets has not
changed during the period, the demand composition has
changed substantially. Asiya said that earlier the US, EU and
Japan (G3) were buying around half of all GCC exports, while
Asia excluding Japan made up only about 15%. However, the
G3 now buys only a quarter of the region’s exports, while
emerging Asia nearly tripled its share of GCC shipments.
Emerging Asia is now the main demand driver and its
emergence is the result of multiple factors such as rapid
increase in energy demand, shift of global manufacturing
production to the East, and expanding investment in
infrastructure, increasing levels of consumption. More recently,
the increased reliance in domestic oil supplies in the US, due to
a surge in shale oil & gas, has reinforced the trend further by
reducing ties between developed countries and the GCC.
(GulfBase.com)
 Al-Eqtisadiah: Saudi bank loans up 12% to SR1.2tn in 2014
– According to a report filed by Al-Eqtisadiah daily, loans of
Saudi banks grew by 12% to SR1.2tn by the end of 2014
whereas bank deposits rose by 11% to hit SR1.58tn. Loans of
the National Commercial Bank (NCB) and Al-Rajhi Bank
represented more than one-third of loans provided by all banks
in 2014. Loans of NCB stood at SR220.7bn or 18%, whereas
loans provided by Al-Rajhi Bank reached SR205.9bn, or 17% of
the total loans. On the other hand, the ratio of credits (loans) to
deposits (CTD) reached 77% by 2014-end with no change
compared to figures of 2013. As per the report, loans in 2013
stood at nearly SR1.08tn compared to deposits of SR1.42tn.
(GulfBase.com)
 Altayyar co-founds Saudi Heritage Hospitality – Altayyar
Tourism & Real Estate Investment & Development Company, a
wholly-owned subsidiary of Altayyar Travel Group, has entered
as a founding partner in the Saudi Heritage Hospitality Company
with 5,000,000 shares worth SR50mn. This amount represents
20% of Heritage Hospitality capital. The subscription procedures
are being carried out and the purchase transaction will be
funded by the company’s own resources. Heritage Hospitality
has been launched by the Saudi Commission for Tourism and
Antiquities (SCTA) with SR250mn capital to develop and invest
in state-owned traditional buildings in lodging and traditional
hospitality. (Tadawul)
 Saudi Telecom BoD recommends SR2bn dividend for
4Q2014 – Saudi Telecom Company’s board of directors has
recommended the distribution of 10% dividend (SR1 per share)
amounting to SR2bn for 4Q2014. Shareholders registered with
the Securities Depository Center (Tadawul) as on the closing of
trading on the Annual General Meeting day, to be announced
later, will be eligible for dividends. (Tadawul)
 Al Hammadi BoD recommends SR450mn capital rise,
SR75mn dividend for 2014 – Al Hammadi Company for
Development & Investment’s (Al Hammadi) board of directors
has recommended increasing the company's capital from
SR750mn to SR1.2bn through bonus shares. The company will
offer 3 bonus shares for every 5 shares owned and intends to
use the proceeds to meet its expansions. Further, the
company’s BoD has recommended the distribution of 10%
dividend (SR1 per share), amounting to SR75mn for 2014.
Meanwhile, Al Hammadi announced the usage of its IPO
proceeds launched in June 2014. Gross proceeds amounted to
SR630mn, while net proceeds were SR605.3mn. Total proceeds
used till December 31, 2014 were SR97.98mn. The Al Nuzha
branch of Al Hammadi Hospital is 64.5% completed and the
project is progressing as per schedule. Al Hammadi’s board has
approved the expansion of the hospital’s capacity from 428 beds
to 600 beds. The additional cost will be around SR20mn and the
project is expected to be completed by 1Q2016 as opposed to
3Q2015. (Tadawul)
 SASCO shareholders approve Zaiti acquisition – Saudi
Automotive Services Company’s (SASCO) shareholders have
approved the acquisition of 95% stake in Zaiti Company in the
recent ordinary general assembly meeting. Around 3,562,500
shares were acquired from Madaen Star Company for
SR55.1mn, and the remaining 5% stake of 187,500 shares were
acquired by its subsidiary, Automotive & Equipment Investments
Company from Majid Mohammed Al Othman for SR2.9mn.
(Tadawul)
 Jeddah unveils $338mn beach development plan – Saudi
Gazette reported that Saudi Arabian authorities have announced

5. Page 5 of 6
plans to develop a coastal area of Jeddah city at a cost of
SR1.27bn and turn it into an entertainment bay for residents and
visitors. Jeddah’s Mayor, Hani Aburas said the municipality
would develop the entire coast of Jeddah, starting from the
Border Guard barracks to Al Rahma Mosque. The upcoming
project will offer services appropriate for all ages. There will be
shaded rest areas, sea taxis, parking lots and green areas.
Further, visitors of the Corniche will be able to commute from
one area to another using a monorail. (GulfBase.com)
 ZIIC BoD recommends SR60mn dividend for 2H2014 – Zamil
Industrial Investment Co.’s (ZIIC) board of directors has
recommended the distribution of 10% dividend (SR1 per share),
amounting to SR60mn for 2H2014. The eligibility of dividends
shall be for the shareholders who are registered with the
Securities Depository Center (Tadawul) at the close of trading
on the general assembly meeting date, which will be decided at
a later stage. (Tadawul)
 DSFH mulls 30% stake sale in IPO – Dr. Soliman Fakeeh
Hospital (DSFH) may sell a 30% stake through an initial public
offering after the Kingdom opens its bourse to foreign investors.
DSFH’s President & Chairman Mazen Fakeeh said the hospital
would probably sell shares within the next three years. The
company, which opened its first hospital in the Kingdom in 1978,
plans to spend AED1bn to build a 300-bed hospital and a
research university in Dubai. Fakeeh said that the hospital will
fund around 40% of the project and will use bank loans to pay
for another 30%. The remaining 30% will be offered to investors
through a private placement, for which Ernst & Young has been
hired. Work on the hospital in the Silicon Oasis started in
December 2014 and the project will be completed in two phases
in 2017 and 2019. (Bloomberg)
 Air Arabia enters Chinese aviation sector – Air Arabia has
become the first low-cost airline from the Middle East to enter
the Chinese market. Starting from February 10, 2015, the carrier
will fly regular non-stop services to Urumqi, the largest city in
Western China. Air Arabia will fly three weekly flights to Urumqi
from its main hub in Sharjah, UAE. (GulfBase.com)
 Al Hamra raises loan value to AED1.25bn – UAE-based Al
Hamra Real Estate Development (Al Hamra) has increased the
value of a syndicated loan to AED1.25bn from AED850mn
previously. Goldman Sachs is the lead arranger and sole book
runner on the upsized loan, while original lenders Abu Dhabi
Commercial Bank, Commercial Bank of Dubai and Union
National Bank also contributed to the additional AED400mn
added to the facility. The company intends to use the loan for
capital expenditure and general business purposes.
(GulfBase.com)
 Dubai Chamber adds 16,198 new companies in 2014 –
According to the Dubai Chamber of Commerce & Industry’s
annual report, there has been an 18% increase in new members
during 2014 with the addition of 16,198 new companies as
compared to 13,692 in 2013. Overall membership grew 10.6% in
2014 to 169,198 companies from 152,962 in 2013. The Dubai
Chamber’s membership has gone up over 125% in the past 10
years. The growth in the number of new companies is reflected
in the increasing contribution of the Chamber to Dubai’s non-oil
trade. The exports and re-exports by Chamber members stood
at AED290bn in 2014, the highest in the last five years. Further
highlighting the increasing economic activity in the Emirate, the
report found an 8% increase in Certificates of Origin, from
823,792 issued in 2013 to 887,078 in 2014. (GulfBase.com)
 OIC BoD may distribute 10% cash dividend – Oman
Insurance Company’s (OIC) board of directors announced that it
is considering the distribution of 10% cash dividends to
shareholders. (DFM)
 Al Hilal arranges $200mn syndicated facility for Ajman Bank
– Ajman Bank has signed a syndicated facility of $200mn,
arranged by Al Hilal Bank. The proceeds of the three year
Shari’ah-compliant facility would be utilized for investment
purposes. Al Hilal Bank acted as the mandated lead arranger,
book runner and investment agent for syndication with
participation from Emirates Islamic Bank, Sharjah Islamic Bank
and Qatar Islamic Bank. (GulfBase.com)
 DFM includes Amanat, DPR into General Index – The Dubai
Financial Market (DFM) announced that shares of two newly
listed public joint stock companies, Amanat Holdings and Dubai
Parks & Resorts Co. (DPR), have been added to its general
index (DFMGI) and to sector indices as of January 19, 2015.
The number of companies listed in the index increased to 34
companies. Shares of Amanat have been added to the DFMGI
and Services sub-index. The company’s outstanding shares is
2.5bn shares, while the percentage of free float shares as per
the index rules is 75%, and number of shares embedded in the
index sample is 1.875bn shares. Shares of DPR have been
added to DFMGI and Consumer Staples & Discretionary sub-
index. The outstanding shares for the company is 6.322bn
shares, while the percentage of free float shares as per index
rules is 50%, and number of shares embedded in the index
sample is 3.161bn shares. (DFM)
 ENOC to arrange $1.5bn loan – Dubai-based Emirates
National Oil Company (ENOC) is seeking to arrange a $1.5bn
long-term loan for general corporate purposes. According to
sources, the loan will have a lifespan of between eight and nine
years and ENOC intends to complete the deal by March and is
close to finalizing banks that will arrange the loan. (Reuters)
 Al Jaber Transport wins AED2bn road-building contracts –
Abu Dhabi General Services Company (ADGS) has awarded
two contracts worth around AED2bn to Al Jaber Transport &
General Contracting, a subsidiary of Abu Dhabi's Al Jaber
Group, for improvements to two sections of the highway from
Mafraq on the outskirts of Abu Dhabi to Al Ghwaifat on the
Saudi border and near Qatar. (GulfBase.com)
 TDIC CFO steps down – Tourism Development and Investment
Company (TDIC) has confirmed the departure of its CFO, Shaun
O'Connor. O'Connor left the company due to personal reasons.
A new CFO is yet to be appointed and deputy finance head,
Matt Matharu, is currently serving as acting CFO. (Reuters)
 ADFG plans to invest $100m in UAE-based firm – Abu Dhabi
Financial Group’s (ADFG) Group CEO, Jasem Al Seddiqi said
that the firm is planning to invest AED100mn in a UAE-based
financial services firm in 2015 and is currently in discussion with
the company. Currently, ADFG manages an investment portfolio
worth $1.5bn in assets. (Bloomberg)
 Bank Nizwa enters into agreement with OHB – Bank Nizwa
has entered into an agreement with Oman Housing Bank (OHB)
to offer Shari’ah-compliant solutions to nationals applying for
home financing. Under the terms of the agreement, Bank Nizwa
will provide financing to buy, build or expand on an existing
property worth up to OMR60,000 with a payment plan of up to
25 years. (GulfBase.com)

6. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the
Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only.
It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (
#
Market closed on 19 January, 2015) Source: Bloomberg (*$ adjusted returns;
#
Market closed on 19 January, 2015)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
QSE Index S&P Pan Arab S&P GCC
(0.6%)
(0.2%)
(0.4%)
(0.1%)
1.0%
0.3%
(0.2%)
(1.2%)
(0.6%)
0.0%
0.6%
1.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,275.65 (0.4) (0.4) 7.7 MSCI World Index 1,681.90 0.4 0.4 (1.6)
Silver/Ounce 17.70 (0.6) (0.6) 12.7 DJ Industrial#
17,511.57 0.0 0.0 (1.7)
Crude Oil (Brent)/Barrel (FM
Future)
48.84 (2.7) (2.7) (14.8) S&P 500#
2,019.42 0.0 0.0 (1.9)
Crude Oil (WTI)/Barrel (FM
Future)# 48.69 0.0 0.0 (8.6) NASDAQ 100#
4,634.38 0.0 0.0 (2.1)
Natural Gas (Henry
Hub)/MMBtu # 3.09 0.0 0.0 3.2 STOXX 600 353.18 0.8 0.8 (1.1)
LPG Propane (Arab Gulf)/Ton#
48.38 0.0 0.0 (1.3) DAX 10,242.35 1.3 1.3 (0.3)
LPG Butane (Arab Gulf)/Ton#
73.12 0.0 0.0 11.6 FTSE 100 6,585.53 0.5 0.5 (2.6)
Euro 1.16 0.3 0.3 (4.1) CAC 40 4,394.93 0.9 0.9 (1.3)
Yen 117.56 0.0 0.0 (1.9) Nikkei 17,014.29 0.9 0.9 (0.9)
GBP 1.51 (0.2) (0.2) (3.0) MSCI EM 952.51 (0.5) (0.5) (0.4)
CHF 1.14 (2.4) (2.4) 13.0 SHANGHAI SE Composite 3,116.35 (7.8) (7.8) (3.9)
AUD 0.82 (0.1) (0.1) 0.4 HANG SENG 23,738.49 (1.5) (1.5) 0.6
USD Index#
92.52 0.0 0.0 2.5 BSE SENSEX 28,262.01 0.3 0.3 5.4
RUB 64.88 (0.7) (0.7) 6.8 Bovespa 47,758.01 (3.4) (3.4) (4.3)
BRL 0.38 (1.2) (1.2) (0.1) RTS 766.57 (0.4) (0.4) (3.1)
170.9
133.2
122.5