The document summarizes daily market activity and commentary for the Qatar Stock Exchange (QSE) and other Gulf Cooperation Council (GCC) exchanges. On the QSE, the index rose 0.7% as real estate and insurance indices increased. Top gainers were Widam Food Co. and Qatar German Co. for Medical Devices. Regional markets were mixed with Saudi Arabia and Kuwait up over 1%, while Abu Dhabi fell slightly. Earnings reports and other news items are also summarized.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.7% to close at 11,488.4. Gains were led by the Real
Estate and Insurance indices, rising 2.0% and 1.2%, respectively. Top gainers
were Widam Food Co. and Qatar German Co. for Medical Devices, rising 4.5 %
and 3.8%, respectively. Among the top losers, Gulf Warehousing Co. fell 3.4%,
while Al Khalij Commercial Bank was down 2.4%.
GCC Commentary
Saudi Arabia: The TASI Index rose 1.9% to close at 9,071.2. Gains were led
by the Real Estate Development and Insurance indices, rising 5.2% and 3.4%,
respectively. Amana Ins. rose 10.0%, while Methanol Chemicals was up 9.5%.
Dubai: The DFM Index gained 0.9% to close at 3,437.8. The Insurance index
rose 2.4%, while the Consumer Staples index gained 2.2%. Islamic Arab
Insurance Co. rose 7.7%, while Takaful Al-Emarat Insurance was up 6.4%.
Abu Dhabi: The ADX benchmark index fell 0.1% to close at 4,370.3. The
Banks index declined 0.9%, while the Insurance index fell 0.3%. Abu Dhabi
National Takaful Co. declined 6.3%, while Bank of Sharjah was down 2.8%.
Kuwait: The KSE Index gained 1.6% to close at 6,322.8. The Technology
index rose 2.5%, while the Financial Services index was up 2.4%. Kuwait Real
Estate Holding Co. rose 10.4%, while Investors Holding Group was up 9.6%.
Oman: The MSM Index rose 1.2% to close at 6,189.0. Gains were led by the
Financial and Services indices, rising 0.9% and 0.6%, respectively. Ahli Bank
rose 6.7%, while Galfar Engineering and Construction was up 4.2%.
Bahrain: The BHB Index gained 1.0% to close at 1,458.6. The Commercial
Bank index rose 2.3%, while the other indices ended flat or red. Al-Ahli United
Bank gained 4.4%, while BBK was up 0.9%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Widam Food Co. 58.50 4.5 22.8 (3.1)
Qatar German Co for Medical Dev. 10.54 3.8 69.8 3.8
Ezdan Holding Group 15.38 3.6 786.4 3.1
Dlala Brokerage & Inv. Holding Co. 36.50 3.5 64.6 (14.7)
Qatar General Insur. & Reins. Co. 57.00 3.3 0.2 11.1
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
National Leasing 20.90 1.0 1,379.9 4.5
Masraf Al Rayan 46.70 1.9 984.9 5.7
Vodafone Qatar 17.39 0.3 877.6 5.7
Ezdan Holding Group 15.38 3.6 786.4 3.1
United Development Co. 20.97 (0.7) 343.2 (11.1)
Market Indicators 29 Mar 15 26 Mar 15 %Chg.
Value Traded (QR mn) 317.7 545.6 (41.8)
Exch. Market Cap. (QR mn) 620,655.8 617,470.8 0.5
Volume (mn) 7.4 12.1 (38.5)
Number of Transactions 3,571 7,649 (53.3)
Companies Traded 40 41 (2.4)
Market Breadth 27:11 9:30 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,775.10 0.7 0.7 (3.0) N/A
All Share Index 3,065.82 0.6 0.6 (2.7) 14.1
Banks 3,116.69 0.3 0.3 (2.7) 14.3
Industrials 3,741.46 0.7 0.7 (7.4) 12.9
Transportation 2,380.61 (0.7) (0.7) 2.7 13.4
Real Estate 2,345.06 2.0 2.0 4.5 13.3
Insurance 4,117.37 1.2 1.2 4.0 19.2
Telecoms 1,310.33 0.1 0.1 (11.8) 21.4
Consumer 6,804.18 (0.2) (0.2) (1.5) 24.4
Al Rayan Islamic Index 4,188.96 0.5 0.5 2.1 14.4
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Energy Abu Dhabi 0.85 13.3 927.0 6.3
Methanol Chem. Co. Saudi Arabia 14.58 9.5 3,982.5 23.2
Mobile Telecom. Co. Saudi Arabia 11.42 9.0 24,896.7 (4.3)
Gulf Cable & Elect. Ind. Kuwait 0.62 8.8 202.5 (10.1)
Makkah Const. & Dev. Saudi Arabia 105.47 6.8 329.7 34.1
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Gulf Warehousing Co. Qatar 56.00 (3.4) 0.3 (0.7)
Emirates NBD Dubai 8.55 (3.4) 1.0 (3.8)
Bank of Sharjah Abu Dhabi 1.67 (2.8) 96.1 (10.3)
Al Khalij Comm. Bank Qatar 20.30 (2.4) 183.3 (7.9)
First Gulf Bank Abu Dhabi 14.15 (2.1) 2,111.0 (4.0)
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 Warehousing Co. 56.00 (3.4) 0.3 (0.7)
Al Khalij Commercial Bank 20.30 (2.4) 183.3 (7.9)
Qatar Islamic Bank 98.10 (1.4) 103.4 (4.0)
Qatar Fuel Co. 176.20 (1.3) 92.5 (13.8)
Qatar Navigation 98.50 (1.2) 54.5 (1.0)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 46.70 1.9 46,089.3 5.7
QNB Group 187.00 (0.1) 42,611.1 (12.2)
National Leasing 20.90 1.0 28,966.9 4.5
Gulf International Services 89.50 2.6 25,877.0 (7.8)
Qatar Fuel Co. 176.20 (1.3) 16,281.3 (13.8)
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* 11,488.41 0.7 0.7 (7.7) (6.5) 87.25 170,432.1 13.6 1.8 4.3
Dubai 3,437.80 0.9 0.9 (11.0) (8.9) 87.12 84,924.9 7.6 1.3 6.0
Abu Dhabi 4,370.30 (0.1) (0.1) (6.7) (3.5) 45.47 120,309.6 11.9 1.5 4.2
Saudi Arabia 9,071.20 1.9 1.9 (2.6) 8.9 2,038.77 523,040.1 18.4 2.2 2.9
Kuwait 6,322.76 1.6 1.6 (4.2) (3.3) 53.64 96,351.5 17.4 1.1 4.0
Oman 6,188.97 1.2 1.2 (5.6) (2.4) 12.68 23,763.0 10.1 1.4 4.5
Bahrain 1,458.60 1.0 1.0 (1.1) 2.2 1.16 22,802.5 9.5 1.0 4.7
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)
11,350
11,400
11,450
11,500
11,550
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index rose 0.7% to close at 11,488.4. The Real Estate
and Insurance indices led the gains. The index rose on the back
of buying support from non-Qatari and GCC shareholders
despite selling pressure from Qatari shareholders.
 Widam Food Co. and Qatar German Co. for Medical Devices
were the top gainers, rising 4.5% and 3.8%, respectively. Among
the top losers, Gulf Warehousing Co. fell 3.4%, while Al Khalij
Commercial Bank was down 2.4%.
 Volume of shares traded on Sunday fell by 38.5% to 7.4mn from
12.1mn on Thursday. Further, as compared to the 30-day
moving average of 9.2mn, volume for the day was 19.6% lower.
National Leasing and Masraf Al Rayan were the most active
stocks, contributing 18.6% and 13.3% to the total volume
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings
Earnings Releases
Company Market Currency
Revenue
(mn) 4Q2014
% Change
YoY
Operating Profit
(mn) 4Q2014
% Change
YoY
Net Profit (mn)
4Q2014
% Change
YoY
Al Khazna Insurance Co.
(AKIC)*
Abu Dhabi AED 127.9 34.1% 12.9 -21.2% -68.4 NA
Al Buhaira National
Insurance Co. (ABNIC)*
Abu Dhabi AED 227.4 2.6% 67.6 15.0% 38.2 268.4%
Source: Company data, DFM, ADX, MSM (*FY2014 results)
News
Qatar
 QCB to issue T-bills worth QR4bn on April 1 – The Qatar
Central Bank (QCB) will issue new three-month treasury bills
worth QR2bn, along with six-month and nine-month T-bills worth
QR1bn each on April 1, 2015. (QCB)
 DHBK to disclose 1Q2015 results on April 20 – Doha Bank
(DHBK) will announce its financial results for 1Q2015 on April
20, 2015. (QSE)
 MARK to disclose 1Q2015 results on April 21 – Masraf Al
Rayan (MARK) will announce its financial results for 1Q2015 on
April 21, 2015. (QSE)
 QSE to adopt new selling, pricing system for rights issue –
The Qatar Stock Exchange (QSE) is all set to see new selling
and pricing mechanism of the rights issue as part of modernizing
the financial framework to offer flexibility and protection to
shareholders. The rights holder will have the option either to
exercise the rights by subscribing to the company’s capital
increase, or sell the rights, in the market under the conditions
and within the period specified in the Qatar Financial Market
Authority (QFMA) regulations as well as in the market notice.
The exchange is working closely with the QFMA and Qatar
Central Securities Depository Company (QCSD) to put in place
the selling and pricing mechanism of the rights issue as a new
financial instrument in the market, in light of the QFMA
regulations and the trading rules of the exchange. According to
the QFMA’s new regulations, the rights issues can be listed and
sold at the stock exchange. The number of rights issues will be
equal to the number of shares in the capital increase to be
issued by the company to its existing shareholders through the
subscription process. Additionally, the QSE said the
computation of the right’s theoretical price depends on the
underlying share’s price, and it has an expiry date after which
the rights lapse and has no value, unless they are used in the
subscription of the company’s capital increase. (Gulf-
Times.com)
 Qatar's 4Q2014 GDP rises 2.4% YoY – According to the
preliminary estimates released by the Ministry of Development
Planning & Statistics (MDPS), Qatar’s Gross Domestic Product
(GDP) for 4Q2014 at current prices rose 2.4% YoY to
QR194.4bn, as compared to QR189.86bn estimated in 4Q2013.
GDP was up 0.7% QoQ in 4Q2014. GDP, measured at constant
prices, grew 6.7% YoY and 1.5% QoQ to QR99.01bn in
4Q2014. The nominal gross value added (GVA) estimate of non-
mining and quarrying sectors in 4Q2014 stood at QR100.12bn,
reflecting an increase of 11.8% YoY and 2.4% QoQ. The real
GVA of these sectors totaled QR62.22bn in 4Q2014, showing a
growth of 10.3% YoY and 1.7% QoQ. The YoY growth in
4Q2014 GVA is the result of double-digit rise seen mainly in
electricity, construction, trade, hotels, transport &
communication, and domestic services. The country’s rising
population in 4Q2014 is another factor, which has contributed to
the growth. The nominal GVA of the manufacturing sector is
estimated at QR19.13bn in Q4, 2014, showing an increase of
3.5% YoY and a decline of 5.1% QoQ. The real GVA of this
sector is estimated at QR8.58bn in 4Q2014, showing a growth
of 5.0% YoY and a fall of 3.3% QoQ. The YoY growth in the
manufacturing sector GVA is mainly driven by higher volumes of
production of basic chemicals, some petrochemicals and other
non-metallic mineral products. The nominal GVA estimate of the
construction sector stood at QR11.17bn in 4Q2014, reflecting an
increase of 22.0% YoY and 3.7% QoQ. (Peninsula Qatar)
 ORDS 4G+ network to be available across Qatar by 2015-
end – Ooredoo’s (ORDS) Chief Operating Officer, Waleed Al-
Sayed said ORDS’ high speed 4G+ network, currently available
in Greater Doha, will be made available across Qatar by 2015-
end. ORDS’ customers are able to reach up to 225 Mbps with
4G+ versus the current available 4G speed of up to 150 Mbps.
He said that ORDS plans to enter into research & development
in 5G so as to be prepared for its launch whenever it is ready,
estimated between 2018 and 2020. He added that the company
has plans to grow in new markets like Myanmar where it is
building big customer base and the company expects significant
return on investments from overseas operations. Meanwhile, the
Overall Activity Buy %* Sell %* Net (QR)
Qatari 61.22% 73.64% (39,463,438.82)
GCC 12.68% 2.85% 31,233,850.49
Non-Qatari 26.09% 23.51% 8,229,588.33

3. Page 3 of 6
company’s annual general assembly (AGM) approved 40% cash
dividend and elected new board members with Sheikh Abdullah
bin Mohamed bin Saud Al-Thani continuing to be the Chairman.
Shareholders in the extraordinary meeting approved an
amendment of article 25 of the company’s Articles of
Association. (Gulf-Times.com)
 BRES set to launch major expansion projects in 2015 –
Barwa Real Estate Company (BRES) expects to start
construction work on its Barwa Village expansion and the
Alaateda (Barwa Al Doha), Madinat Al Mowatir, and Manateq
projects in 2015. The company said that it was progressing with
development of the two phases of the Barwa Al Baraha project.
Both the phases will accommodate 53,000 workers and is
considered one of the largest workers accommodations in Qatar
and in the GCC region. The construction work on the Barwa Al
Khor residential project, consisting of 300 apartments and 50
villas for Qatar Shell staff is progressing. Further, the company
said it is currently evaluating whether to sell, develop or lease its
sizable holding of land plots. Meanwhile, the company’s board of
directors approved the proposed 22% cash dividend (QR2.2 per
share) for 2014. (Gulf-Times.com)
 QSE suspends trading of QCFS shares on March 30 – The
Qatar Stock Exchange (QSE) has suspended trading of Qatar
Cinema & Film Distribution Company’s (QCFS) shares on March
30, 2015 due to the company’s AGM and EGM being held on
that day. (QSE)
 NLCS, ITCC sign QR125mn deal to develop industrial land –
Alijarah Holding Company (NLCS) has signed an agreement
worth QR125mn with Imperial Trading & Contracting Company
(ITCC) to develop a 100,000 square meters industrial land. The
24-month project will entail several sub-projects including
building a driving school, parking lot and residential complex for
drivers and other facilities. (QSE)
 Egis to rehabilitate Al Karaana lagoon – The Public Works
Authority (Ashghal) has awarded Egis an engineering,
procurement & construction management contract to rehabilitate
Al Karaana lagoon in Al Rayyan. Ashghal plans to remove the
lagoon and overhaul the site, in continuance of measures taken
so far to mitigate its environmental impact. Egis will identify and
qualify the water and sludge to appreciate contamination of the
water table and remove waste for treatment processes. It will
mobilize its engineering capabilities for 23 months to reduce the
environmental impact of the site to a minimum and redevelop
and convert it for new purposes in accordance with its
sustainable development commitments. (Peninsula Qatar)
 Hitachi Data Systems partners with Qatar CGC – Japan-
based Hitachi Data Systems Corporation has signed a
partnership agreement with Qatar-based technology and
engineering conglomerate Consolidated Gulf Company (CGC).
The CGC tie-up was aimed at supporting the new breed of
future-ready, IT-accelerated business and to reduce
complexities and costs while delivering performance and
ensuring service-level agreement (SLAs) are met. (Bloomberg)
 QDB to boost global presence of Qatar SMEs – Qatar
Development Bank (QDB) aims to boost the global presence of
the country’s SME sector, as it expects to surpass the more than
QR250mn international deals Qatari companies signed in 2014.
Through QDB’s export promotion arm, the bank was able to
support 150 entrepreneurs and small & medium-sized
enterprises (SME) in signing business transactions with
international partners. (Gulf-Times.com)
International
 ECB, BoE reach accord allowing UK clearers to handle euro
trades – The European Central Bank (ECB) and the Bank of
England (BoE) have reached a deal that strengthens the
financial backing of British clearing houses in their handling of
euro-denominated securities, ending a long-running legal battle.
The agreement follows a court ruling, which has led the ECB to
shelve a policy requiring clearing houses that handle euro-
denominated securities to be located in the Eurozone. Britain
had challenged the policy in the European Union's second-
highest court, fearing it would damage London's role as a
financial center and fragment the European Union's single
market. The court had earlier ruled in March against the ECB.
The ECB was concerned that if a London-based clearing house
ran into trouble, it would not be eligible for direct support from
the bank and the euros it could provide. Clearing houses stand
between the two sides of securities transactions to ensure they
are completed even if one side goes bust. Their business is set
to grow sharply due to reforms to make derivatives such as
interest rate swaps more transparent. The ECB and the BoE
have announced in a joint statement that they had agreed to
extend a deal under which the ECB could provide the British
central bank with euros. The central banks said the ECB and the
UK government have also agreed to end all legal action
connected to the lawsuits that Britain had filed in the matter.
(Reuters)
 Denmark applies to join China-backed AIIB – China's Ministry
of Finance said Denmark has applied to join the Beijing-led
Asian Infrastructure Bank (AIIB), becoming the latest European
power to join the institution despite misgivings of the US. The
Ministry of Finance said that Denmark has written to China
indicating its intention to be a founding member of the AIIB. On
March 28, Russia, Australia and the Netherlands became the
latest countries to say they plan to join the AIIB, adding clout to
an institution seen as enhancing China's regional and global
influence. China has set a March 31 deadline to become a
founding member of the AIIB, which is seen as a significant
setback to US efforts to extend its influence in the Asia Pacific
region and to balance China's growing financial clout and
assertiveness. The US has urged countries to think twice about
joining the AIIB until it could show sufficient standards of
governance as well as environmental and social safeguards.
However, the US' European allies Britain, France, Germany and
Italy had announced earlier in March they would join the bank,
leading the Obama administration to reassess its stance.
(Reuters)
 Japan industrial output decline raises doubts about
domestic demand – Japan's industrial output fell in February at
the fastest pace in eight months due to declines in production of
machinery, cars and electronics in a worrying sign that domestic
demand could be faltering. Economists were already braced for
a fall as many companies were expected to trim their output due
to the timing of Lunar New Year holidays. However, the 3.4%
MoM decline in February was much worse than expected at
almost double the median estimate for a 1.8% fall.
Manufacturers' forecasts for the coming months still point to a
gradual recovery in output, but the outlook is less certain and
could complicate the Bank of Japan's task as the economy
slowly rebounds from the 2014 recession. The February's output
slump was the biggest since June 2014, when production also
fell by 3.4%. Manufacturers surveyed by the trade ministry
expect the output to fall 2.0% in March and rise 3.6% in April. In
January, the output rose 4.0%, the biggest increase in nearly
four years partly as demand surged before the Lunar New Year.
(Reuters)

4. Page 4 of 6
 Xi Jinping: Trade between China and Silk Road nations to
exceed $2.5tn – China's President Xi Jinping hoped its annual
trade with the countries involved in Beijing's plan to create a
modern Silk Road would surpass $2.5tn in a decade. Xi also
pledged to protect the interests of foreign companies in China
amid investors' rising concerns that Beijing is enacting policies
that could hurt their businesses. Under the so-called "One Belt,
One Road" initiative, China aims to create a modern Silk Road
Economic Belt and a 21st Century Maritime Silk Road to boost
trade and extend its global influence. Commerce Minister Gao
Hucheng said previously that more than 50 countries had shown
interest in the initiative. The projects under the plan include a
network of railways, highways, oil & gas pipelines, power grids,
internet networks, maritime and other infrastructure links across
Central, West and South Asia to as far as Greece, Russia and
Oman, increasing China's connections to Europe and Africa.
Speaking at the sidelines of a high-level event in the southern
city of Boao, Xi said the scheme would stimulate trade and
investment between China and countries along the route.
(Reuters)
Regional
 Deloitte: GCC on track to double smart city developments –
Global financial advisory services firm, Deloitte in its
“Technology, Media & Telecommunications (TMT) Middle East
Predictions Report” said that the GCC region is making major
strides in the development of smart cities. Deloitte found that the
number of new smart city greenfield developments in the region
is set to double within the next 2-3 years. This follows the launch
of six entirely new, master-planned smart city developments in
the GCC region over the past decade. As per the report, the
region’s smart city growth will largely be driven by developments
in government planning, administration, and operations, backed
by significant government investments in e-government and
mobile services. (GulfBase.com)
 RightWay, Savana sign franchise deal with Asteco –
Bahrain-based RightWay and Dubai's Savana Real Estate has
signed a franchise agreement with Asteco's licensing division
and will now operate under the Asteco brand. The division has
been specifically created to offer franchise opportunities to real
estate companies, independent realtors and regional
entrepreneurs looking to diversify their existing businesses, or
launch a start-up in the property sector. Asteco revealed that it
has added its first GCC franchise outside of the UAE and the
third Dubai franchise to its growing portfolio. (GulfBase.com)
 SBSC reports fire accident at SCC project site – Sadara
Basic Services Company (SBSC) reported that a fire broke out
in one of the cooling towers under construction at Sadara
Chemical Company’s (SCC) project site in Jubail Industrial City
II on March 28, 2015. After assessing the damages, SBSC will
issue a supplemental announcement regarding the fire’s
financial impact and any other relevant details. The company
confirmed that the project assets are fully insured under an all-
risks insurance policy. (Tadawul)
 ANB Insurance finalizes policy with SEC – Metlife-AIG-ANB
Cooperative Insurance Company (ANB Insurance) has finalized
an Erection All Risk Policy in favor of the Saudi Electricity
Company (SEC). The duration of the policy is 36 months
effective from January 1, 2015 followed by an extended
maintenance period of 24 months. The company expects the
total value of this insurance contract to exceed 5% of its revenue
for FY2015 and its financial impact will appear on its annual
financial statement for 2015. (Tadawul)
 EEC seeks approval for Ports Projects’ SR1bn loan
conversion – Emaar Economic City (EEC) has invited its
shareholders to approve converting a SR1bn loan provided to
the Ports Projects Management & Development Company to
develop its ports into shares within the same company, which
will increase EEC’s share in Ports Projects to 50%. EEC’s
shareholders will also consider approving the unrequited waiver
of a land plot, measuring 300,000 square meters within the
boundaries of the Economic City to the Technical & Vocational
Training Corporation, in order to build the first phase of the
training college complex, facilities and affiliations. (Tadawul)
 Moody's: Sharjah's fundamentals remain solid, but debt
levels rise – Moody's Investors Service, in its annual Sharjah
Credit Analysis, said that the Government of Sharjah's (A3,
stable) fiscal position remains strong with a low government
debt burden, although the latter is on an increasing trend. The
rating agency notes that the Emirate's economy is well-
diversified, which will provide some degree of support to the
impact of oil price volatility. Further, the rating agency said that
the Emirates of Sharjah's public finances benefit indirectly from
the UAE (Aa2, stable) federal funding, which covers a large
portion of public services for the UAE nationals. (Bloomberg)
 Dubai witnesses AED28.6bn FDI inflow in 2014 – According
to the latest estimates by Dubai Investment Development
Agency (Dubai FDI), infrastructure development initiatives and
services industries remained the major drivers of capital into
Dubai in 2014 with the Emirate witnessing AED28.6bn in foreign
direct investment (FDI). Dubai FDI said that with clear signs of
recovery and iconic projects on board, sectors such as real
estate, financial services, hotels & tourism, renewable energy,
business services and software services led the inflow
accounting for 78% of investment, or AED22bn in 2014. These
sectors also claimed 133 projects, half of the total FDI projects
in 2014. Out of a total of 41 source countries, the US, the UK,
India, the Netherlands, Germany and Italy were the top ones,
generating a total of AED23.9bn across 141 projects. In terms of
investment, these countries represented almost 84% of the total
FDI for 2014 and 59% of the total in terms of the number of
projects. (GulfBase.com)
 Noor Bank’s net profit rises 166% YoY in 2014 – Noor Bank
reported a net profit of AED678.1mn for 2014, up 166% over
2013. The bank’s total assets rose 25% to AED29bn at the end
of December 2014 as against AED23.2bn at the end of
December 2013. The total customer financing increased by 26%
YoY to AED18bn. Customer deposits increased by 28% YoY in
2014 and reached AED23.9bn by the end of 2014. This was
driven by a 17% increase in the bank’s customer base.
Meanwhile, bank’s shareholders have approved a 10% cash
dividend. (GulfBase.com)
 CBK partners with CBRC for Kuwait-China banking – The
Central Bank of Kuwait (CBK) has signed a Letter of Intent (LOI)
with the China Banking Regulatory Commission (CBRC) for
mutual cooperation in the field of banking supervision. The
agreement enables the exchange of information on banking
matters between the State of Kuwait and the People’s Republic
of China within the framework of guidelines and
recommendations promoted by the Basel Committee on
Banking Supervision. (GulfBase.com)
 NBO’s AGM approves cash, stock dividend – The National
Bank of Oman’s (NBO) ordinary annual general meeting (AGM)
has approved the distribution of 17% cash dividend of the paid-
up capital i.e. 17 baizas per share. Further, the AGM also
approved the distribution of 10% stock dividend of the paid-up
capital (1 share for every 10 shares). (MSM)
 Meethaq signs MoU with Zain Development – Meethaq, the
Islamic banking arm of Bank Muscat, has signed a MoU with

5. Page 5 of 6
Zain Development to provide attractive Meethaq home finance
for Dar Al Zain Phase V and VI projects located in Sur Al Hadid
in the Wilayat of Seeb. (GulfBase.com)
 Oman plans water projects in Salalah, Sharqiya – Omani
government is planning to develop two independent water
desalination projects in Salalah and Sharqiya regions. These
projects are part of a larger plan to attract OMR700mn worth of
private investment for doubling the country's total water capacity
over the next five years. (GulfBase.com)
 12 major players bid for Oman water project – Oman
Observer reported that 12 leading international consortiums
have submitted prequalification bids for independent water
projects (IWPs) at Sohar and Barka areas of Oman. Oman
Power & Water Procurement Company (OPWP), which is
overseeing the procurement for the two water schemes, said
two successful bidders will secure a license to develop the two
water-only schemes individually. The larger scheme Barka IWP
will have a contracted desalination capacity of 281,000 cubic
meters (cu m) per day, while Sohar IWP will have a 250,000 cu
m per day of desalination capacity. Meanwhile, OPWP has
signed an agreement to build an IWP worth OMR100mn in
Qurayyat with a consortium led by Singapore-based Hyflux. The
plant is expected to begin commercial operations in May 2017.
(GulfBase.com)
 Trafco AGM approves 15% cash dividend – Trafco Group’s
annual general meeting (AGM) has approved the proposed
agenda including the distribution of cash dividend equivalent to
15% of the paid-up capital, i.e. 15 fils per share. (Bahrain
Bourse)
 EIC AGM approves 10% cash dividend – Esterad Investment
Company’s (EIC) annual general meeting (AGM) has approved
the distribution of 10% cash dividend, amounting to 10 fils per
share. (Bahrain Bourse)

6. Contacts
Saugata Sarkar Ahmed Al-Khoudary Sahbi Kasraoui
Head of Research Head of Sales Trading – Institutional Manager – HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6548 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa sahbi.alkasraoui@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 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 Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Feb-11 Feb-12 Feb-13 Feb-14 Feb-15
QSE Index S&P Pan Arab S&P GCC
1.9%
0.7%
1.6%
1.0%
1.2%
(0.1%)
0.9%
(0.6%)
0.0%
0.6%
1.2%
1.8%
2.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,198.75 (0.5) 1.4 1.2 MSCI World Index 1,744.82 (0.0) (1.7) 2.1
Silver/Ounce 16.97 (0.9) 1.3 8.0 DJ Industrial 17,712.66 0.2 (2.3) (0.6)
Crude Oil (Brent)/Barrel (FM
Future)
56.41 (4.7) 2.0 (1.6) S&P 500 2,061.02 0.2 (2.2) 0.1
Crude Oil (WTI)/Barrel (FM
Future)
48.87 (5.0) 6.9 (8.3) NASDAQ 100 4,891.22 0.6 (2.7) 3.3
Natural Gas (Henry
Hub)/MMBtu
2.63 (3.7) (6.8) (12.1) STOXX 600 395.54 0.6 (1.6) 4.0
LPG Propane (Arab Gulf)/Ton 54.00 (3.6) 7.7 10.2 DAX 11,868.33 0.5 (0.9) 8.5
LPG Butane (Arab Gulf)/Ton 64.25 (3.2) 6.9 (1.9) FTSE 100 6,855.02 (0.2) (3.0) (0.3)
Euro 1.09 0.0 0.6 (10.0) CAC 40 5,034.06 0.9 (0.5) 6.2
Yen 119.13 (0.1) (0.8) (0.5) Nikkei 19,285.63 (0.8) (0.7) 10.8
GBP 1.49 0.2 (0.5) (4.5) MSCI EM 958.11 (0.5) (1.2) 0.2
CHF 1.04 0.1 1.4 3.4 SHANGHAI SE Composite 3,691.10 0.2 1.9 14.0
AUD 0.78 (1.0) (0.3) (5.2) HANG SENG 24,486.20 (0.0) 0.5 3.7
USD Index 97.29 (0.1) (0.6) 7.8 BSE SENSEX 27,458.64 0.5 (3.3) 0.9
RUB 57.85 0.9 (2.4) (4.8) Bovespa 50,094.66 (1.6) (3.8) (17.8)
BRL 0.31 (1.9) (0.5) (18.4) RTS 856.44 (1.4) (0.7) 8.3
165.1
133.5
122.2