QSE Rises 1.3% on Real Estate, Industrial Gains

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QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 1.3% to close at 12,279.4. Gains were led by the Real
Estate and Industrials indices, rising 1.9% and 1.8%, respectively. Top gainers
were Gulf International Services and Qatar National Cement Co., rising 5.8%
and 4.5%, respectively. Among the top losers, Qatar General Insurance and
Reinsurance Co. fell 1.9%, while Qatar Oman Investment Co. was down 0.3%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.2% to close at 9,227.4. Gains were led
by the Multi-Inv. and Telecommunication & IT indices, rising 1.6% and 1.1%,
respectively. WAFA Insur. rose 7.1%, while Tabuk Agri. Dev. was up 6.8%.
Dubai: The DFM Index gained 2.5% to close at 3,893.7. The Finan. & Inv. Ser.
index rose 4.0%, while the Real Estate & Con. index was up 3.6%. DAMAC
Properties surged 14.8%, while Al Salam Bank–Bahrain was up 12.2%.
Abu Dhabi: The ADX benchmark index rose 1.4% to close at 4,591.7. The
Real Estate index gained 5.5%, while the Energy index was up 3.7%. Abu
Dhabi Ship Building rose 9.8%, while Sudan Telecommunication was up 8.1%.
Kuwait: The KSE Index gained 0.6% to close at 6,695.3. The
Telecommunication index rose 3.2%, while the Technology index was up
2.6%. Strategia Inv. gained 7.8%, while Hayat Communications was up 7.4%.
Oman: The MSM Index rose 1.1% to close at 6,648.8. Gains were led by the
Financial and Industrial indices, rising 1.9% and 1.0%, respectively. Oman
Fisheries gained 8.8%, while Al Hassan Engineering was up 7.8%.
Bahrain: The BHB Index gained 0.1% to close at 1,424.8. The Commercial
Bank index rose 0.4%, while the other indices ended flat and red. Al Salam
Bank – Bahrain gained 6.2%, while Ithmaar Bank was up 3.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Gulf International Services 110.10 5.8 1,188.9 13.4
Qatar National Cement Co. 140.00 4.5 36.4 6.1
Vodafone Qatar 15.92 4.1 2,395.6 (3.2)
Barwa Real Estate Co. 47.35 3.4 3,220.2 13.0
United Development Co. 24.98 3.0 681.6 5.9
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 15.92 4.1 2,395.6 (3.2)
Mazaya Qatar Real Estate Dev. 20.70 1.2 1,233.8 8.1
Ezdan Holding Group 14.75 1.0 1,091.3 (1.1)
Market Indicators 3 Feb 15 2 Feb 15 %Chg.
Value Traded (QR mn) 780.2 468.0 66.7
Exch. Market Cap. (QR mn) 663,748.5 655,904.2 1.2
Volume (mn) 16.3 8.4 93.0
Number of Transactions 8,115 5,793 40.1
Companies Traded 42 41 2.4
Market Breadth 37:5 20:19 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,430.94 1.3 3.8 0.6 N/A
All Share Index 3,164.72 1.3 3.3 0.4 14.8
Banks 3,235.53 1.1 3.8 1.0 14.8
Industrials 3,967.41 1.8 4.2 (1.8) 13.5
Transportation 2,397.68 0.8 2.6 3.4 14.0
Real Estate 2,329.65 1.9 3.6 3.8 20.4
Insurance 3,862.72 (0.4) 0.0 (2.4) 11.9
Telecoms 1,377.24 1.1 0.4 (7.3) 18.2
Consumer 7,290.42 1.7 2.2 5.5 29.3
Al Rayan Islamic Index 4,234.32 2.0 4.9 3.2 17.2
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Gulf Int. Services Qatar 110.10 5.8 1,188.9 13.4
Aldar Properties Abu Dhabi 2.62 5.6 34,138.0 (1.1)
Drake & Scull Int. Dubai 0.84 5.4 9,565.7 (5.8)
Emaar Properties Dubai 7.39 4.8 22,629.3 1.8
Dubai Investments Dubai 2.56 4.5 53,013.3 7.6
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Gulf Pharmaceutical Abu Dhabi 2.98 (6.6) 17.6 3.1
KIPCO Kuwait 0.67 (2.9) 2,387.5 (4.3)
Etihad Atheeb Telecom Saudi Arabia 7.74 (2.9) 8,316.3 14.8
Saudi Fisheries Saudi Arabia 30.50 (2.8) 3,254.8 10.5
United Int. Transpo Saudi Arabia 77.66 (2.7) 374.0 11.0
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%
Qatar General Ins. and Reins. Co. 57.80 (1.9) 0.5 (2.0)
Qatar Oman Investment Co. 15.60 (0.3) 259.0 1.3
Qatar Islamic Insurance Co. 83.70 (0.2) 69.2 5.9
Qatar Insurance Co. 87.70 (0.2) 203.1 (3.2)
Qatar Electricity & Water Co. 195.20 (0.2) 79.3 4.1
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 154.60 0.7 48,739.3 (8.0)
Masraf Al Rayan 49.00 2.5 48,318.0 10.9
Vodafone Qatar 15.92 4.1 37,875.1 (3.2)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 12,279.37 1.3 3.2 3.2 (0.1) 214.24 182,265.3 15.6 1.9 3.8
Dubai 3,893.65 2.5 6.0 6.0 3.2 258.72 94,115.3 12.8 1.4 5.0
Abu Dhabi 4,591.73 1.4 3.0 3.0 1.4 87.53 127,210.1 12.0 1.5 3.7
Saudi Arabia 9,227.36 0.2 3.9 3.9 10.7 3,555.03 532,991.8 18.3 2.2 2.9
Kuwait 6,695.30 0.6 1.9 1.9 2.4 149.92 100,356.7 16.4 1.1 3.8
Oman 6,648.84 1.1 1.4 1.4 4.8 34.87 25,150.4 9.9 1.5 4.3
Bahrain 1,424.79 0.1 0.0 0.0 (0.1) 2.09 53,560.7 10.5 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)
12,100
12,150
12,200
12,250
12,300
12,350
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

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Qatar Market Commentary
 The QSE Index rose 1.3% to close at 12,279.4. The Real Estate
and Industrials indices led the gains. The index rose on the back
of buying support from non-Qatari shareholders despite selling
pressure from Qatari shareholders.
 Gulf International Services and Qatar National Cement Co. were
the top gainers, rising 5.8% and 4.5%, respectively. Among the
top losers, Qatar General Insurance and Reinsurance Co. fell
1.9%, while Qatar Oman Investment Co. was down 0.3%.
 Volume of shares traded on Tuesday rose by 93.0% to 16.3mn
from 8.4mn on Monday. Further, as compared to the 30-day
moving average of 13.8mn, volume for the day was 17.7%
higher. Barwa Real Estate Co. and Vodafone Qatar were the
most active stocks, contributing 19.8% and 14.7% 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
Banader Hotels Co.* Bahrain BHD – – – – -0.1 NA
Source: Company data, DFM, ADX, MSM (* FY2014 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
02/03 US US Census Bureau Factory Orders December -3.40% -2.40% -1.70%
02/03 EU Eurostat PPI MoM December -1.00% -0.70% -0.30%
02/03 EU Eurostat PPI YoY December -2.70% -2.50% -1.60%
02/03 UK Markit CIPS UK Construction PMI January 59.1 57.0 57.6
02/03 UK Markit CIPS UK Construction PMI January 59.1 57.0 57.6
02/03 Spain Spanish Labour Ministry Unemployment MoM Net ('000s) January 78.0 88.0 -64.4
02/03 Italy ISTAT CPI EU Harmonized MoM January -2.40% -2.40% 0.00%
02/03 Italy ISTAT CPI EU Harmonized YoY January -0.40% -0.40% -0.10%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 AHCS reports QR577.1mn net profit in FY2014,
recommends 10% cash dividend – Aamal Company (AHCS)
reported a net profit attributable to shareholders of QR577.1mn
in FY2014, indicating an increase of 13.9% on a YoY basis. The
earnings were supported by increased net profit at its industrial
manufacturing (QR51.7mn in FY2014, up 128.3% YoY) and
trading & distribution (+32.8% YoY to QR114.9mn). Reported
EPS increased to QR0.96 in FY2014 from QR0.85 in FY2013.
AHCS’ revenue grew 0.8% YoY to QR2.14bn in FY2014.
Meanwhile, AHCS’ board of directors has recommended a 10%
cash dividend and 5% bonus shares, which will have to be
approved by the general assembly scheduled to be held on
March 16, 2015. (QSE)
 QCB auctions T-bills worth QR4bn on February 3 – The
Qatar Central Bank (QCB) has auctioned treasury bills worth
QR4bn on February 3, 2015, for which it received bids totaling
QR8bn. T-bills worth QR2bn with a three-month maturity period
were auctioned at a yield of 0.86%. T-bills worth QR1bn with a
six-month maturity period were sold at a yield of 0.89%, while T-
bills worth QR1bn with a nine-month maturity period were
auctioned at a yield of 0.96%. (QCB)
 CBQK concludes QR1bn finance deal for key Ashghal
project – The Commercial Bank of Qatar (CBQK) has
successfully concluded a financing arrangement of QR1bn in
extended financing facilities to Joannou & Parakskevaides
(Overseas) Limited for the award of the West Corridor
construction project for the Public Works Authority (Ashghal).
The contract was awarded to the joint venture Joannou &
Parakskevaides (Overseas) Limited (75%) and J&P Avax S.A.
(25%), valued at QR1.7bn with an estimated date of completion
by 2016. CBQK led the club deal along with one of the major
regional banks for facilitating finance in excess of QR1bn. (QSE)
 IQCD and MPHC confirms planned shutdown of production
facilities – Industries Qatar (IQCD) and Mesaieed
Petrochemical Holding Company (MPHC) have announced
planned shutdowns of their production facilities in 1Q2015. The
planned major maintenance shutdowns for MPHC’s newest
facilities, RLOC and Q-Chem II are also included in the
schedule. (QSE)
 UDCD unit launches operations under new name – United
Technology Solutions (UTS), a wholly-owned subsidiary of
United Development Company (UDCD), master developer of
The Pearl-Qatar has officially launched its operations extending
knowledge-based technical and business solutions and services
to The Pearl-Qatar and the rest of country. UTS was formerly
operating under the name United Facilities Solutions.
(Bloomberg)
 MCCS BoD meeting on February 25 – Mannai Corporation’s
(MCCS) board of directors will meet on February 25, 2015 to
discuss the financial results ending December 31, 2014. (QSE)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 66.16% 74.28% (63,330,934.15)
Non-Qatari 33.84% 25.73% 63,330,934.15

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 QGMD BoD meeting on February 18 – Qatar German for
Medical Devices Company (QGMD) board of directors will meet
on February 18, 2015 to discuss the financial results ending
December 31, 2014. (QSE)
 Indosat EGM approves board appointments – Ooredoo’s
(ORDS) Indonesian subsidiary, PT Indosat Tbk has announced
that it has approved a number of changes to its boards of
commissioners and Independent directors, following an
Extraordinary General Meeting held on January 28, 2015. The
changes come following the appointment of a number of board
members to ministerial and other senior positions in Indonesia,
and the appointment of HE Sheikh Abdullah Bin Mohammed Bin
Saud Al-Thani as the CEO of the Qatar Investment Authority. As
part of the changes, HE Sheikh Abdullah Bin Mohammed Bin
Saud Al-Thani has resigned from the role of President
Commissioner of Indosat. In addition, Rachmad Gobel has
resigned as the company's Commissioner, due to his
appointment as the Minister of Trade, Republic of Indonesia,
and Mr. Rudiantara has resigned as the Company's
Independent Commissioner, following his appointment as
Minister of Communication & Information, Republic of Indonesia.
(Bloomberg)
International
 S&P reaches $1.5bn deal with US – Credit rating firm
Standard & Poor's (S&P) will pay $1.5bn to resolve a collection
of lawsuits over its ratings on mortgage securities that soured in
the run-up to the 2008 financial crisis, concluding one of the US
government's most ambitious cases tied to the housing collapse.
The settlement comes after more than two years of litigation as
S&P tried to beat back allegations that it issued overly rosy
ratings in order to win more business. S&P parent McGraw Hill
Financial Inc said it will pay $687.5mn to the US Department of
Justice, and $687.5mn to 19 states and the District of Columbia,
which had filed similar lawsuits over the ratings. Recently, the
firm reached a separate $125mn settlement with public pension
fund California Public Employees’ Retirement System, which
had sued S&P in 2009, claiming its inaccurate ratings caused
the firm hundreds of millions of dollars in losses. The US sued
S&P in 2013 after initial settlement talks broke down, seeking
$5bn and accusing the ratings agency of defrauding investors.
S&P argued that its ratings were protected under the First
Amendment right to free speech, and described the lawsuit as
retaliation for the firm downgrading the credit rating of the US.
(Reuters)
 PMI: UK construction growth unexpectedly rebounds in
January – A business survey showed the growth across British
construction companies rebounded unexpectedly in January
after a slow end to 2014, boosted by improving order books and
rising confidence. The Markit/CIPS construction purchasing
managers' index (PMI) rose to 59.1 from December's 17-month
low of 57.6, topping all Reuters forecasts. While the official data
last week showed the construction output shrank at the end of
last year at the fastest pace since 2012, the recent PMI pointed
to better months ahead. The growth strengthened across
housing, commercial and civil engineering as new orders piled
up at the fastest rate in three months. Optimism about the 2016
increased for the first time in three months, albeit from only a
little from December's 16-month low. (Reuters)
 Smaller jobless rise in January takes edge off Spain's labor
market gloom – The number of registered jobless in Spain rose
in January as employers shed workers hired for the Christmas
holiday season. However, the rate of increase slowed from
previous years, suggesting the ailing labor market may have
touched bottom. The latest Labor Ministry data showed
joblessness rose 2.4%, or by 113,097 people, from December to
4.8mn. The rise was the first since October. However, the
ministry said it was also the smallest gain in the first month of
the year since 2007, and in seasonally adjusted terms the figure
fell by 3,907 people. Unemployment has soared in Spain than in
any other European Union country bar Greece since a decade-
long property bubble burst six years ago and, based on the labor
market survey data from the national statistics office, the rate
was 26% in 4Q2013. However, the recent stronger-than-
expected economic growth has fueled hopes the worst may be
over, and the headcount in the still battered construction sector
rose by 3,486 in January. (Reuters)
 Italy PM Renzi says wants to help Greece within EU
framework – Italian Prime Minister Matteo Renzi said that he
wanted to help Greece, but said this did not mean he would
always agree with the new Greek government led by Alexis
Tsipras. Renzi said that he did not discuss details of Greece's
plan to renegotiate its debt repayment program with creditors.
However, he added that Italy would be ready to "listen and
discuss" the proposals Greece brings before European
institutions. (Reuters)
 Japan wages show sign of pick-up in welcome news for
Abe – Japanese wage earners' cash earnings rose in December
and declines in real wages slowed for a second month, a
positive sign for policy makers' plan to recharge a recession-hit
economy though doubts remain about the prospects for
sustained growth in wages. The labor ministry data showed
reflecting improved corporate earnings even as the broader
economy struggled, special payments, predominantly including
bonuses, rose 2.6% YTD to December. A ministry official said
winter bonuses could likely grew for the second straight year,
helping boost the overall wages. The total cash earnings grew
1.6% YTD to December, up for the 10th straight month. Real
wages adjusted for inflation fell 1.4% YoY in December – down
for the 18th straight month – but the pace of falls slowed from
the prior month's 2.7% drop. (Reuters)
 China January HSBC services PMI at six-month low, more
stimulus expected – A private survey showed China's service
sector grew at the slowest pace in six months in January as
growth in new business weakened, raising expectations that
policy makers may unveil more stimulus steps to avert a sharper
slowdown in the world's second-largest economy. The
HSBC/Markit Services Purchasing Managers' Index(PMI)
slowed to 51.8 in January – the weakest since July 2014 – from
December's 53.4, but remained above the 50-point in activity on
a monthly basis. The weakening performance of the services
sector, which has helped cushion the broader impact of a
cooling manufacturing sector, could fan market concerns about
China's economic slowdown in 2015. (Reuters)
Regional
 Alpen Capital: GCC retail sector sales to reach $284.5bn by
2018 – According to a report by Alpen Capital, sales in the GCC
retail industry are expected to grow at a CAGR of 7.3% during
2013 to 2018 and will reach $284.5bn. As per the report, the
food retail sales growth is anticipated to outperform the non-food
retail sales due to higher demand for healthier and high-value
food in the region. Sales among GCC supermarkets and
hypermarkets are expected to reach $59.3bn by 2018,
translating into a five-year CAGR of 9.2%. This growth is
expected to be driven by increasing disposable income and
modernization of the industry. Alpen Capital’s Managing
Director, Sameena Ahmad said the retail industry continues to
maintain a positive momentum due to key factors such as robust
economic growth, rising purchasing power, growing population

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comprising a large proportion of expatriates, changing
consumption patterns and increasing penetration of international
retail players. (GulfBase.com)
 IMF: GCC oil export losses to hit $300bn in 2015 – According
to the International Monetary Fund (IMF), oil export losses for
GCC countries are expected to reach $300bn in 2015 (21
percentage points of GDP), leading to a fiscal deficit, while the
proposed hike in the US rates is likely to tighten financial
conditions in the GCC region. As a result, current account
surpluses of GCC countries are projected to decline in 2015 to
1.6% of GDP. Their fiscal surplus stood at 4.6% of GDP in 2014,
which is now projected to turn into a deficit of 6.3% of GDP in
2015. Qatar is expected to witness fiscal deficit of 1.5% of GDP
in 2015, the UAE (3.7%), Saudi Arabia (10.1%), Bahrain
(12.1%) and Oman (16.4%). (Gulf-Times.com)
 Strategy&: Gulf banks plan to sell bonds to boost reserves
– According to a study by Strategy&, fast-growing Gulf Arab
banks plan to bolster their reserves by issuing capital boosting
bonds. The banking sector in the GCC region needs to have an
additional $35bn of capital by 2019. While Gulf banks have very
high capital adequacy ratios, their rapid expansion, and the fact
they operate in emerging markets with lower sovereign ratings
than the core developed economies mean that they will need
more capital in coming years. The Basel III standards, now
being implemented across the world, will require banks to hold
more capital. (GulfBase.com)
 Reuters: Gulf banks underwrite region's aviation boom –
According to Reuters, cash-rich Gulf banks are becoming bigger
players in the region's aviation boom, helping carriers like
Emirates, Qatar Airways (QA) and Etihad Airways to fund their
fleet expansion. Figures from the European plane maker Airbus
revealed that 47% of its aircraft deals in the Middle East in the
first 11 months of 2014 were funded by local banks, up from
17% for 2013 as a whole. Further, opportunities for more
funding are huge; Emirates has placed $107.5bn worth of
aircraft on order with Boeing and Airbus over the coming few
years. Similarly, the order books for QA and Etihad are about
$57.7bn and $28.59bn, respectively at list prices. (Reuters)
 MoCI: 17,000 real estate units to be sold in KSA – The Saudi
Ministry of Commerce & Industry (MoCI) announced that the
number of real estate units ready for sale across various regions
of Saudi Arabia amounts to more than 17,000, which are valued
at around SR20bn by 2014-end. According to statistics from the
MoCI, the total number of licensed real estate units for sale in all
regions of the Kingdom stood at 17,258 real estate units, which
comprises of 14,834 housing units, 354 office units, eight
commercial units and 2,070 land development units worth a total
value of around SR19.3bn. (GulfBase.com)
 Al Alamiya completes rump offering and rights allocation –
Al Alamiya for Cooperative Insurance Company announced that
the period for subscription for the new shares amounting to
20mn shares has ended. The number of subscribed shares
during the first and the second subscription period amounted to
19.57mn totaling SR195.66mn, with a coverage percentage of
97.83% of the new shares. In addition, the company announced
the end of the rump offering period. During this period, 433,885
shares were offered to institutional investors. The offering
coverage percentage was 842%, and the average subscription
price stood at SR54.49. The total amount of the rump shares
amounted to SR23.64mn. (Tadawul)
 Al Othaim, AGAD to establish new JV in KSA – Abdullah Al
Othaim Markets Company (Al Othaim) has entered into a
binding shareholder agreement with AGAD United Company for
Investment (AGAD), a sister company of AlBaik Food Systems
Company Ltd. Under the agreement’s terms, the entities will
establish a limited liability company in Saudi Arabia for obtaining
exclusive license rights to operate AlBaik restaurants in Al
Qassim region. Al Othaim will hold a 25% stake, while the
remaining 75% stake will be held by AGAD in the newly formed
entity that will have a share capital of SR100mn. The term of the
agreement is 25 years, which is renewable by mutual consent of
the parties. (Tadawul)
 Jadwa: KSA consumption growth likely to be strong in 2015
– According to a report by Jadwa Investment, the recent Royal
decrees, which reinforced the view that the Saudi government
will not cut its expenditure due to lower oil prices, will add
renewed confidence among investors. Data for December 2014
showed healthy growth in consumer spending, which is
expected to continue in 2015. The Jadwa report found that real
income per capita grew by 1% YoY to reach $21,101 in 2014,
after remaining flat in 2013. In contrast, the growth in real non-oil
income per capita slowed to 2.4% in 2014, as compared to a
growth of 3.6% in 2013. (GulfBase.com)
 DIA set for record retail sales on China buyers – Dubai
International Airport (DIA) has set its sights on becoming the
world’s top hub for retail sales in 2015 as a flood of Chinese
passengers add to a shopping spree. According to Colm
McLoughlin, Vice Chairman of Dubai Duty Free (DDF), spending
at DIA should reach $2.1bn in 2015, up from $1.9bn last year,
when 80 days of runway repairs reduced receipts by about
$50mn. He said that Chinese passengers, who make up about
5% of DIA’s total throughput, contributed 13% of DDF’s revenue
in 2014, countering a decline in spending by Russians after the
weakening of the ruble. (Bloomberg)
 Arabtec wins two contracts worth AED375mn from Emaar –
Arabtec Holding, through its subsidiary Arabtec Construction
has recently won two contracts worth AED375mn from Emaar
Properties in Dubai. The first project includes townhouse villas in
Emaar’s Al Mira Residential Project, which is due for delivery by
May 2016. The second contract worth AED166mn is related to
the construction of a number of villas in the Arabian Ranches
project, which are due for delivery by March 2016. (DFM)
 DP World tops pan-Arab governance index – DP World has
ranked first in the S&P/Hawkamah Pan Arab ESG Index, a pan-
Arab governance index for the second year. The index ranks the
transparency and disclosure of regional listed companies based
on Environmental, Social & Corporate Governance (ESG)
metrics. Companies that score highly on this index are regarded
as sustainable and are more attractive to long-term investors,
since the index identifies the best governed and the more
environmentally and socially responsible companies.
(GulfBase.com)
 Abu Dhabi cuts oil prices to six-year lows – Abu Dhabi,
which holds around 6% of the world’s crude oil, has cut the
export prices for its crude for the seventh consecutive month
and to the lowest since 2009 amid a global price slump.
According to a statement by Abu Dhabi National Oil Company
(ADNOC), Murban crude, its main grade was sold for $46.4 per
barrel in January 2015, which is 23% below December’s level.
ADNOC also cut the price for its Das crude blend, pumped from
offshore fields in the Persian Gulf, to $45.9 per barrel for
January from $59.8 per barrel in December. (Bloomberg)
 Abu Dhabi Ports boosts quick oil spill response – Abu Dhabi
Ports has completed a program to significantly boost its
response capabilities for a quick oil spill in the busiest
commercial ports. The program with an investment of around
AED2mn includes the purchase of 20 specialized equipment
containers, a dedicated speed boat, two new trucks of which

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one is equipped with a crane, and comprehensive training for 75
staff members. The majority of the specialized equipment
containers are located at Khalifa Port, reflecting its size and the
number of ships docking at the port. Others have been
distributed to Zayed Port, the Free Port and Musaffah.
(GulfBase.com)
 CBRE: Abu Dhabi’s home rents to grow slowly in 2015 –
According to CBRE Group, Abu Dhabi’s residential rents, which
surged after the government removed a cap on rate increases in
2013, will climb at a slower pace in 2015. Home rents rose 3%
in 4Q2014 as compared to 3Q2014, and were 17% higher on a
YoY basis. Matthew Green of CBRE said that despite the rising
housing stock, the Abu Dhabi residential market continues to
outperform most other segments. Construction of about 35,000
homes is expected to be completed over the next three years.
Most of the new supply will be in new developments, which will
attract residents looking to move away from inferior properties.
(Bloomberg)
 CBK reports KD49.12mn net profit in FY2014 – The
Commercial Bank of Kuwait (CBK) achieved a net profit of
KD49.12mn in FY2014, as compared to KD23.53mn in FY2013.
EPS amounted to 34.9 fils in FY2014 as against 16.7 fils a year
earlier. Meanwhile, CBK’s board of directors recommended a
cash dividend of 18%. (Bloomberg)
 Warba Bank earns KD0.12mn net profit in FY2014 – Warba
Bank reported a net profit of KD0.12mn in FY2014 as compared
to net loss of KD3.71mn in FY2013. EPS amounted to 0.12 fils
in FY2014 as against loss per share of 3.71 fils in 2013.
(Bloomberg)
 Bahrain government lists Islamic Sukuk – Bahrain Bourse
has announced the listing of Government Islamic Lease
Securities (Sukuk), issued by the Central Bank of Bahrain on
behalf of the Government of Bahrain, effective from February 3,
2015. The BHD250mn securities were issued at a par value of
BHD1 each on January 19, 2015 for a period of 10 years. The
returns on these securities will be paid every six months on
January 19 and July 19 every year throughout the period of the
issue. The annual rate of return will be 5.50%. (Bahrain Bourse)
 Banader not to distribute dividends – Banader Hotels
Company’s board of directors has decided not to distribute
dividends to its shareholders for the financial year ended
December 31, 2014. (Bahrain Bourse)
 Arcapita Bank sells PODS for $1bn – Bahrain-based Arcapita
Bank has sold PODS Inc., a moving & storage company, to
Ontario Teachers’ Pension Plan in a deal worth more than $1bn.
Arcapita acquired PODS in December 2007 and the exit will
take its proceeds to $2bn, returned to investors over the past 18
months. (Bloomberg)

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
whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically
engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this
report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make
any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis,
expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical
technical data (price and volume). QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment
decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in part without permission from QNBFS
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
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
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
QSE Index S&P Pan Arab S&P GCC
0.2%
1.3%
0.6%
0.1%
1.1%
1.4%
2.5%
0.0%
0.6%
1.2%
1.8%
2.4%
3.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,260.42 (1.1) (1.8) 6.4 MSCI World Index 1,715.22 1.2 2.2 0.3
Silver/Ounce 17.30 0.5 0.3 10.2 DJ Industrial 17,666.40 1.8 2.9 (0.9)
Crude Oil (Brent)/Barrel (FM
Future)
57.91 5.8 9.3 1.0 S&P 500 2,050.03 1.4 2.8 (0.4)
Crude Oil (WTI)/Barrel (FM
Future)
53.05 7.0 10.0 (0.4) NASDAQ 100 4,727.74 1.1 2.0 (0.2)
Natural Gas (Henry
Hub)/MMBtu
2.67 1.3 (0.5) (10.9) STOXX 600 370.28 2.0 2.5 2.5
LPG Propane (Arab Gulf)/Ton 54.75 4.8 16.5 11.7 DAX 10,890.95 1.8 3.5 4.8
LPG Butane (Arab Gulf)/Ton 63.50 0.0 3.3 1.2 FTSE 100 6,871.80 2.2 2.8 1.8
Euro 1.15 1.2 1.7 (5.1) CAC 40 4,677.90 2.3 3.2 3.8
Yen 117.57 0.0 0.1 (1.8) Nikkei 17,335.85 (1.3) (1.9) 1.1
GBP 1.52 0.8 0.7 (2.6) MSCI EM 976.50 1.3 1.5 2.1
CHF 1.08 0.5 (0.4) 7.6 SHANGHAI SE Composite 3,204.91 2.4 (0.3) (1.8)
AUD 0.78 (0.1) 0.4 (4.7) HANG SENG 24,554.78 0.3 0.2 4.0
USD Index 93.60 (1.0) (1.3) 3.7 BSE SENSEX 29,000.14 (0.4) 0.1 8.1
RUB 65.23 (4.5) (6.1) 7.4 Bovespa 48,963.66 2.8 3.5 (4.3)
BRL 0.37 1.2 (0.5) (1.6) RTS 786.69 5.5 6.7 (0.5)
176.4
140.3
128.3

QSE Rises 1.3% on Real Estate, Industrial Gains

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