The QSE Index declined 1.5% to close at 9,486.7.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 1.5% to close at 9,486.7. Losses were led by the Industrials and
Insurance indices, falling 3.2% and 2.6%, respectively. Top losers were Gulf International
Services and Dlala Brokerage & Investments Holding Co., falling 10.0% and 5.1%,
respectively. Among the top gainers, Gulf Warehousing Co. gained 5.5%, while Qatar
Industrial Manufacturing Co. was up 2.8%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.9% to close at 5,927.4. Gains were led by the
Cement and Building & Construction indices, rising 2.1% and 1.9%, respectively. Saudi
Transport and Investment rose 9.9%, while Alandalus Property was up 9.8%.
Dubai: The DFM Index gained 0.2% to close at 2,975.6. The Telecommunication index
rose 3.5%, while the Financial & Investment Services index gained 0.8%. Al Salam Bank
– Sudan rose 6.6%, while Emaar Malls was up 4.1%.
Abu Dhabi: The ADX benchmark index fell 0.8% to close at 4,054.6. The Energy index
declined 1.8%, while the Consumer Staples index fell 1.2%. Abu Dhabi National Takaful
declined 9.9%, while Commercial Bank Int. was down 9.6%.
Kuwait: The KSE Index declined 0.3% to close at 5,118.8. The Technology index fell
1.8%, while the Real Estate index declined 0.8%. MENA Real Estate Co. fell 7.7%, while
Manazel Holding was down 7.0%.
Oman: The MSM Index fell 0.5% to close at 5,165.5. Losses were led by the Industrial
and Financial indices, falling 0.6% and 0.5%, respectively. HSBC Bank Oman fell 6.0%,
while Raysut Cement was down 4.2%.
Bahrain: The BHB Index declined 0.7% to close at 1,181.5. The Industrial index fell
5.2%, while the Commercial Bank index declined 0.6%. Aluminium Bahrain fell 5.4%,
while Banader Hotels Co was down 2.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Gulf Warehousing Co. 49.80 5.5 0.7 (12.5)
Qatar Industrial Manufact. Co. 39.05 2.8 0.1 (2.0)
Qatar Gas Transport Co. 22.25 1.1 464.0 (4.7)
Medicare Group 98.50 1.0 169.4 (17.4)
Doha Insurance Co. 19.96 0.8 158.8 (5.0)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 14.50 (0.6) 1,114.0 (8.8)
Dlala Brokerage & Inv Holding Co. 12.00 (5.1) 469.4 (35.1)
Qatar Gas Transport Co. 22.25 1.1 464.0 (4.7)
Vodafone Qatar 10.62 (2.6) 350.0 (16.4)
Barwa Real Estate Co. 31.65 (2.6) 309.5 (20.9)
Market Indicators 3 Feb 16 2 Feb 16 %Chg.
Value Traded (QR mn) 212.3 317.1 (33.0)
Exch. Market Cap. (QR mn) 506,742.5 514,002.6 (1.4)
Volume (mn) 5.9 9.0 (33.9)
Number of Transactions 4,282 5,042 (15.1)
Companies Traded 40 40 0.0
Market Breadth 8:30 26:11 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 14,795.47 (1.5) 2.7 (8.7) 9.9
All Share Index 2,529.68 (1.4) 2.9 (8.9) 10.2
Banks 2,590.40 (1.0) 2.8 (7.7) 10.8
Industrials 2,764.64 (3.2) (0.4) (13.3) 11.4
Transportation 2,263.55 0.5 5.8 (6.9) 10.8
Real Estate 2,041.04 (0.9) 5.0 (12.5) 6.7
Insurance 3,996.67 (2.6) (0.9) (0.9) 10.2
Telecoms 1,051.44 (0.1) 8.1 6.6 23.1
Consumer 5,321.57 (0.8) 7.5 (11.3) 11.8
Al Rayan Islamic Index 3,366.10 (1.3) 3.2 (12.7) 10.0
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Dur Hospitality Co. Saudi Arabia 23.68 9.8 449.4 (11.5)
Saudi Enaya Coop. Ins. Saudi Arabia 13.05 9.7 1,413.2 (21.4)
Najran Cement Co. Saudi Arabia 12.78 7.3 3,243.9 (12.5)
Gulf Warehousing Co. Qatar 49.80 5.5 0.7 (12.5)
Solidarity Saudi Takaful Saudi Arabia 7.57 4.6 3,819.3 1.9
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Gulf Int. Services Qatar 38.70 (10.0) 91.6 (24.9)
Tihama Adv. & Public Saudi Arabia 29.94 (8.2) 14,744.3 0.4
HSBC Bank Oman Oman 0.09 (6.0) 8.6 (6.0)
Aluminium Bahrain Bahrain 0.35 (5.4) 136.2 (5.9)
Mobile Telecom. Co. Kuwait 0.35 (5.4) 4,301.0 0.0
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 International Services 38.70 (10.0) 91.6 (24.9)
Dlala Brokerage & Inv Holding Co. 12.00 (5.1) 469.4 (35.1)
Industries Qatar 100.00 (3.9) 188.3 (10.0)
Qatar General Ins. & Reins. Co. 51.00 (3.8) 22.7 (0.2)
Qatar Islamic Bank 92.50 (3.7) 78.9 (13.3)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 137.80 (0.1) 26,461.0 (3.4)
Ooredoo 86.30 0.6 19,551.2 15.1
Industries Qatar 100.00 (3.9) 18,795.2 (10.0)
Medicare Group 98.50 1.0 16,974.9 (17.4)
Ezdan Holding Group 14.50 (0.6) 16,172.8 (8.8)
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* 9,486.71 (1.5) 2.3 0.1 (9.0) 58.31 139,151.5 9.9 1.4 5.1
Dubai 2,975.55 0.2 4.1 (0.7) (5.6) 101.62 80,911.6 9.9 1.1 3.9
Abu Dhabi 4,054.59 (0.8) 3.7 0.0 (5.9) 52.06 113,696.2 11.6 1.3 5.6
Saudi Arabia 5,927.36 0.9 0.8 (1.2) (14.2) 1,522.24 361,244.0 13.6 1.4 4.3
Kuwait 5,118.84 (0.3) 2.2 0.1 (8.8) 35.24 80,353.3 14.6 0.9 4.9
Oman 5,165.51 (0.5) 3.0 (0.3) (4.5) 8.88 21,216.5 8.9 1.1 4.9
Bahrain 1,181.47 (0.7) 0.8 (0.5) (2.8) 1.45 18,574.5 7.7 0.8 5.8
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)
9,300
9,400
9,500
9,600
9,700
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 1.5% to close at 9,486.7. The Industrials and
Insurance indices led the losses. The index fell on the back of selling
pressure from Qatari shareholders despite buying support from non-Qatari
and GCC shareholders.
 Gulf International Services and Dlala Brokerage & Investments Holding Co.
were the top losers, falling 10.0% and 5.1%, respectively. Among the top
gainers, Gulf Warehousing Co. gained 5.5%, while Qatar Industrial
Manufacturing Co. was up 2.8%.
 Volume of shares traded on Wednesday fell by 33.9% to 5.9mn from 9.0mn
on Tuesday. Further, as compared to the 30-day moving average of 6.8mn,
volume for the day was 12.9% lower. Ezdan Holding Group and Dlala
Brokerage & Investments Holding Co. were the most active stocks,
contributing 18.8% and 7.9% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
4Q2015
% Change
YoY
Operating Profit
(mn) 4Q2015
% Change
YoY
Net Profit
(mn) 4Q2015
% Change
YoY
Aramex Dubai AED 1,003.0 4.8% – – 57.6 -35.6%
Nakheel* Dubai AED – – – – 4,380.0 19.0%
Source: Company data, DFM, ADX, MSM (*FY2015 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
02/03 US Mortgage Bankers Association MBA Mortgage Applications 29-January -2.60% – 8.80%
02/03 US Automatic Data Processing, Inc ADP Employment Change January 205k 195k 267k
02/03 US Institute for Supply Managemen ISM Non-Manf. Composite January 53.5 55.1 55.8
02/03 EU Eurostat Retail Sales MoM December 0.30% 0.30% 0.00%
02/03 EU Eurostat Retail Sales YoY December 1.40% 1.50% 1.60%
02/03 UK HM Treasury Official Reserves Changes January $527mn – $527mn
02/03 UK Markit Markit/CIPS UK Services PMI January 55.6 55.4 55.5
02/03 UK Markit Markit/CIPS UK Composite PMI January 56.1 55.0 55.3
02/03 UK The British Retail Consortium BRC Shop Price Index YoY January -1.80% – -2.00%
02/03 Spain Markit Markit Spain Services PMI January 54.6 54.3 55.1
02/03 Spain Markit Markit Spain Composite PMI January 55.3 54.4 55.2
02/03 Italy Markit Markit/ADACI Italy Composite PMI January 53.8 – 56.0
02/03 Italy Markit Markit/ADACI Italy Services PMI January 53.6 54.0 55.3
02/03 Italy ISTAT CPI NIC incl. tobacco MoM January -0.20% -0.20% 0.00%
02/03 Italy ISTAT CPI NIC incl. tobacco YoY January 0.30% 0.30% 0.10%
02/03 Italy ISTAT CPI EU Harmonized MoM January -2.20% -2.30% -0.10%
02/03 Italy ISTAT CPI EU Harmonized YoY January 0.40% 0.30% 0.10%
02/03 China Markit Caixin China PMI Services January 52.4 – 50.2
02/03 China Markit Caixin China PMI Composite January 50.1 – 49.4
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of reporting 4Q2015 results No. of days remaining Status
IQCD Industries Qatar 4-Feb-16 0 Due
QIMD Qatar Industrial Manufacturing Company 7-Feb-16 3 Due
MPHC Mesaieed Petrochemical Holding Company 7-Feb-16 3 Due
ERES Ezdan Real Estate Company 7-Feb-16 3 Due
QGRI Qatar General Insurance & Reinsurance 10-Feb-16 6 Due
WDAM Widam Food Company 11-Feb-16 7 Due
SIIS Salam International Investment 14-Feb-16 10 Due
MCGS Medicare Group 14-Feb-16 10 Due
UDCD United Development Company 14-Feb-16 10 Due
DBIS Dlala Brokerage & Investment Holding Company 15-Feb-16 11 Due
AKHI Al Khaleej Takaful Insurance 15-Feb-16 11 Due
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 33.93% 30.33% 7,650,517.24
Qatari Institutions 8.97% 23.42% (30,692,372.69)
Qatari 42.90% 53.75% (23,041,855.45)
GCC Individuals 2.12% 3.33% (2,574,319.52)
GCC Institutions 4.07% 2.39% 3,578,986.91
GCC 6.19% 5.72% 1,004,667.39
Non-Qatari Individuals 16.99% 17.05% (109,789.31)
Non-Qatari Institutions 33.91% 23.48% 22,146,977.37
Non-Qatari 50.90% 40.53% 22,037,188.06

3. Page 3 of 6
AHCS Aamal Company 15-Feb-16 11 Due
QGTS Qatar Gas Transport Company (Nakilat) 17-Feb-16 13 Due
BRES Barwa Real Estate Company 21-Feb-16 17 Due
MCCS Mannai Corp. 24-Feb-16 20 Due
ORDS Ooredoo 1-Mar-16 26 Due
Source: QSE
News
Qatar
 Tajikistan keen on Islamic banking, seeks investment from Qatar –
Republic of Tajikistan Minister of Economic Development & Trade
Nematullo Hikmatullozoda has said that Tajikistan is keen to
benefit from Islamic banking and utilize the experiences of Islamic
banks in his country. During his meeting with Qatar International
Islamic Bank (QIIK) CEO Abdulbasit Ahmed al-Shaibei,
Hikmatullozoda said, “Tajikistan wholeheartedly welcomes
investments, especially in the area of Islamic finance.”
Hikmatullozoda, who visited QIIK headquarters, lauded the
expertise of QIIK in Islamic banking. He expressed the hope that
Tajikistan would be able to attract Islamic banks to his country,
where his ministry is making efforts to convince investors about
the attractive investment opportunities available. In particular,
Tajikistan is keen on expanding and further cementing the
relationship with Qatar’s financial and business sectors. Al-Shaibei
expressed happiness at the visit of Hikmatullozoda to QIIK and
said it reflected his interest in examining “the successful Islamic
banks closely.” (Gulf-Times.com)
 Cabinet okays draft law on economic zones in Qatar – HE the
Deputy Prime Minister and Minister of State for Cabinet Affairs
Ahmed bin Abdullah al-Mahmoud has said that the cabinet has
approved a draft law on economic zones. The cabinet meeting was
chaired by HE the Prime Minister Sheikh Abdullah bin Nasser bin
Khalifa al-Thani. According to the provisions of the bill and based
on a proposal from the board of Economic Zones Company, the law
regulates the establishment of an economic zone, specifying its
area and borders, the establishment of one or more ports attached
to it, whether sea, air or land port. All types of companies, sharing
contracts or other legal entities can be created or established at
the economic zone. These can be owned by a normal or legal
person or more than one person – either citizens or others without
adhering to regulating laws in this regard. According to the
provisions of the law, a project licensed to work at the zone or
through it, is exempted from obtaining another license, approval,
permission, or registration to carry out that work. A project
underway at the zone enjoys unrestricted transfer of capital,
revenues or investments out of the country. The Economic Zones
Company is to be granted a 50-year concession from the issuance
of the law, during which it solely becomes in-charge of the
management, development, operation, and maintenance of the
zone and zones associated with projects the state assigns to it.
(Gulf-Times.com)
 Doha tops in real estate deals – Ezdan Holding, in its weekly report,
has said that the local real estate market has witnessed an increase
in the value of deals, but a drop in their number during January 24-
28, 2016 as compared to the previous week. The report revealed
that 40 real estate deals were completed during the week
throughout the country, as compared to 57 in the previous week,
which shows a drop of 29.8%. The overall value of these deals
amounted to around QR418.8mn, as compared to QR387.6mn.
This was due to an “exceptional single deal” worth QR100mn. The
Doha Municipality topped the real estate deals during the period,
with some 15 deals representing 52.8% of the overall deals worth
QR221.3mn. This was followed by Al Rayyan Municipality and the
Umm Salal Municipality with 10 deals each. Completed buildings
represented 76.1% of the real estate deals, while vacant plots of
land comprised 22.9%. The highest value of the real estate deal
during January 24-28 within the Doha Municipality limits
amounted to QR62.6mn for a multiple-purpose vacant plot of land
of 2,326 square meters (sq m) in Najma. The rate was QR26,900
per sq m. (Gulf-Times.com)
 QA begins non-stop Doha-Ras Al Khaimah service – Qatar Airways
(QA) has started a non-stop service between Doha and Ras Al
Khaimah, its fifth destination in the UAE. QA now offers up to 200
weekly flights from Doha to the UAE, including the new four flights
to Ras Al Khaimah, – 105 flights a week to the Dubai International
Airport; 28 flights a week to Dubai Al Maktoum International
Airport; 42 flights a week to Abu Dhabi; and 21 flights a week to
Sharjah. (Gulf-Times.com)
 Al-Sada: Global arbitration key to resolving energy disputes –
Highlighting “Qatar’s successful legal domain,” HE the Minister of
Energy and Industry Dr. Mohamed bin Saleh al-Sada has
underscored the role of international arbitration in resolving
disputes in the energy sector. The minister made the statement
before members of the judiciary, private sector officials, and
participants of the first “International Arbitration Conference on
Energy Disputes” held at the Grand Hyatt Hotel. The conference
aims to promote arbitration as a flexible and efficient dispute
resolution procedure. Al-Sada admitted that price fluctuations in
the energy market have affected commercial transactions and
“exchanges between consumers, particularly importers and
exporters”, but he also emphasized that “arbitration of commercial
disputes plays a very important role in assuring security & peace,
and in the prevention of conflicts.” Citing the energy sector as “one
of the significant drivers of economic growth,” al-Sada said
arbitration plays an important role in preventing disputes “to
grow out of proportion.” The minister also commended Qatar’s
“experienced judges,” whom, he said, have contributed to Qatar’s
“reputable image” and to its “independent and transparent
judiciary.” (Gulf-Times.com)
 Mesaieed solid waste management centre being expanded – A top
official at Ministry of Municipality and Environment (MME) said
around 3,000 tons of solid domestic waste is collected and
disposed of daily across Qatar. Director of General of cleanliness
project and mechanical equipment, Safar Mubarak al-Shafi said the
figure did not include construction and hazardous waste collected
from different industrial and construction locations. According to
the official, workers deployed by the ministry also handle street
cleaning and transfer of waste to dumping stations, from where it
is transported to the domestic solid waste management centre in
Mesaieed. “It is the only facility of its kind in the Middle East,” said
Al-Shafi, and added the waste management centre has the facility
and capacity to recycle green waste and organic materials up to
750 tons a day. However, the centre, which is handling 500 tons
daily, will be able to treat more when the ongoing phase of
expansion is completed. (Gulf-Times.com)
International
 Trans-Pacific Partnership trade deal signed, but years of
negotiations still to come – The Trans-Pacific Partnership (TPP),
one of the world's biggest multinational trade deals, was signed by
12 member nations in New Zealand, but the massive trade pact

4. Page 4 of 6
will still require years of tough negotiations before it becomes a
reality. The TPP, a deal which will cover 40% of the world
economy, has already taken five years of negotiations to reach the
signing stage. New Zealand Prime Minister John Key said the
signing is "an important step" but the agreement "is still just a
piece of paper, or rather over 16,000 pieces of paper until it
actually comes into force". The TPP will now undergo a two-year
ratification period in which at least six countries - that account for
85% of the combined GDP of the 12 TPP nations - must approve
the final text for the deal to be implemented. The 12 nations
include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico,
New Zealand, Peru, Singapore, the US and Vietnam. (Reuters)
 US services sector cooling; jobs market resilient – Activity in the
vast US services sector slowed to a near two-year low in January,
suggesting that economic growth weakened further at the start of
the first quarter even as the labor market remains resilient. The
economy has been undermined by a strong dollar, softening global
demand and an inventory destocking, which have pressured
manufacturing and export industries. Spending cuts by energy
firms, reeling from a collapse in oil prices, have also dragged on
growth. Until recently, services sector strength had offered hope
that the economy would weather both the domestic and global
headwinds, which held GDP growth to a 0.7% annual rate in
4Q2015. Meanwhile, the Institute for Supply Management (ISM)
said its index of non-manufacturing activity fell to 53.5 from 55.8
the month before. The reading was below Reuters expectations of
55.1. The business activity index fell to 53.9 from 59.5 the month
before. That was below expectations of 58.5. The employment
index fell to 52.1 from 56.3 a month earlier. New orders dropped
to 56.5 from 58.9. The prices paid index fell to 46.4 from 51.0.
According to an earlier ISM report the US economy's
manufacturing sector contracted in January but was slightly
improved from December. (Reuters)
 US Treasury Secretary urges China to communicate FX policy
clearly – US Treasury Secretary Jack Lew reiterated to China the
importance of transitioning to a market-determined exchange rate
in an orderly and transparent way. The Treasury said in a
statement that during a phone call with Chinese Vice Premier
Wang Yang, Lew also urged Beijing to clearly communicate its
exchange rate policies and actions to financial markets. The
Chinese official Xinhua news agency reported, Wang said in the call
that China remained capable of keeping the exchange rate of
China's currency, the renminbi, "basically stable at a reasonable
and balanced level". Xinhua added Wang and Lew also discussed
how to push forward a bilateral investment treaty, under
discussion for much of 2015, to help improve business ties
between the two countries. (Reuters)
 Eurozone sales rebounds in December driven by Christmas
shopping – The European Union statistics office Eurostat estimated
that Eurozone retail trade increased in December mostly thanks to
Christmas shopping of food, drinks and tobacco. Sales in the 19
countries sharing the euro grew on average 0.3% in December on
a monthly basis, as expected by economists polled by Reuters.
Retail trade increased 1.4% YoY, slightly less than the forecast
1.5%. Eurostat revised upwards both monthly and yearly
estimates for the month of November. On a MoM basis, Eurozone
sales have been flat in November, contrary to previous estimates
of a 0.3% drop. YoY sales recorded in November a 1.6% rise, more
than the previously estimated 1.4%. In December, sales increased
mostly for food, drinks and tobacco products, which recorded a
0.6% monthly rise. (Reuters)
 China targets 6.5-7% growth – National Development and Reform
Commission (NDRC) Chairman Xu Shaoshi said China has set its
economic growth projection range at 6.5 to 7% in 2016, but efforts
to curb overcapacity is expected to raise unemployment in some
provinces. Xu Shaoshi said downward pressure on the world's
second-largest economy would remain in 2016. China's
investments were now focused on fixing weak points and
structural adjustments, including infrastructure in the central and
western regions, education and healthcare sectors. Xu also said
that China's basic infrastructure investment growth increased
15% in 2015. Xu further added that China will be affected by the
unstable global economic conditions in 2016 but will have the
ability to cope with the challenges. The official Purchasing
Managers' Index (PMI) for manufacturing stood at 49.4 in January,
the lowest reading since August 2012. (Reuters)
Regional
 Barclays to restructure its Middle East corporate banking business –
According to sources, Barclays Plc will lay off around 150 staff in
Dubai as it restructures its Middle East corporate banking
business. The bank will also close its offices at Emaar Square and
relocate bankers and support staff to its office at the Dubai
International Financial Centre. It would retain its corporate branch
in Abu Dhabi and wholesale banking license with the UAE Central
Bank. Barclays CEO Jes Staley said the company is planning to cut
1,200 jobs worldwide and shut securities operations across Asia.
(Bloomberg)
 Terrapinn Middle East: Railway projects worth $352bn underway
in the MENA region – According to Terrapinn Middle East, the
Middle Eastern and North African (MENA) countries are forging
ahead with plans to establish a strong passenger and freight
transport network, with 16 major railway projects worth $352bn
currently underway in the region. According to ICAEW Economic
Insight Middle East report, Kuwait, Saudi Arabia, the UAE and
Oman are likely to net the biggest windfalls, with logistics forecast
to contribute 13.6%, 12.1%, 11.7% and 11.7%, to their respective
economies by 2018. (GulfBase.com)
 Saudi Aramco not to cut upstream investment – Saudi Arabian Oil
Company (Saudi Aramco) Senior Vice President Ahmed Al-Sa’adi
has said that the company will not cut its upstream investment
despite the collapse in oil price. (GulfBase.com)
 NCB: KSA budget allocations to SCIs moderated significantly –
National Commercial Bank (NCB), in its latest monthly Saudi
Economic Review report, has said that the Saudi Arabian
government’s 2016 budget allocations to specialized credit
institutions (SCIs) have moderated significantly, yet their
continuation reflects support for the economy. According to the
budget announcement, SR49.9bn will be allocated to SCIs, namely
the Public Investment Fund (PIF), Saudi Industrial Development
fund (SIDF), Saudi Credit & Saving Bank (SCSB) and the Real
Estate Development Fund (REDF). The latest data released by the
NCB reflect the central role played by SCIs as a catalyst in the
domestic economy. As expected, the REDF was the largest among
these institutions in terms of the outstanding loans that registered
SR141.bn. NCB believes that this figure might have crossed the
SR150bn threshold as would be shown in the coming data
releases. It is not a surprise that REDF will maintain its status as
the largest lender among SCIs with the government trying to
mitigate the housing market imbalances, especially on the demand
side. The PIF and SCSB had also maintained the second and third
ranks given their participation in project finance across different
sectors that enhance the Kingdom’s absorptive capacity, with the
outstanding loans to both standing at SR96.4bn and SR44.4bn,
respectively. The collapse in oil prices has been a focal point for
the global economy, leading to an oversupply theme that coincided
with waning demand, expected to stretch into 2016.
(GulfBase.com)
 Jadwa Investment: KSA fiscal reserves slide to 4-year low on weak
oil – Jadwa Investment, in its economic report, has said that Saudi

5. Page 5 of 6
Arabia’s fiscal reserves dropped to a four-year low in 2015 as the
government sought to finance a budget deficit caused by plunging
oil revenues. The reserves of the world’s largest crude exporter
dropped to $611.9bn by 2015-end, down from $732bn a year
before. Jadwa said it expected reserves to fall to around $500bn by
2016-end, after oil prices fell by three quarters since mid-2014. To
help finance the budget deficit, the Kingdom, in December,
introduced a series of austerity measures raising fuel prices by up
to 80% and increasing the prices of electricity, water, natural gas
etc. Jadwa expects inflation to soar in 2016 to 3.9% from 2.2% in
2015, as a result of the price hikes. (GulfBase.com)
 J.P. Morgan Saudi Arabia joins Tadawul as member – The Saudi
Stock Exchange (Tadawul) has announced that J.P. Morgan Saudi
Arabia Limited Company has fulfilled all technical and legal
requirements needed to be recognized as Tadawul member.
(Tadawul)
 Saudi CMA approves public offering of Jadwa Saudi IPO Fund – The
Saudi Capital Market Authority’s (CMA) board of commissioners
issued its resolution approving the public offer made by Jadwa
Investment Company of Jadwa Saudi IPO Fund. (Tadawul)
 Bank AlJazira updates on sale of land – Bank Al Jazira has made an
announcement regarding the signing of a MoU with Mr. Fahad Bin
Abdul Rahman Bin Sulaiman Al Thunayan to sell the land located
in Al Jubail Province - Eastern Region at a total value of
SR217.56mn. The bank said that the title deed was discharged
through the competent Notary Public, thereby attaining a capital
gain of SR208.56mn, while the book value of the land was SR9mn.
This capital gain will appear in the 1Q2016 financial statements.
(Tadawul)
 Emirates NBD: KSA non-oil growth slows to record low – Emirates
NBD, in its research note, has stated that the Emirates NBD UAE
Purchasing Managers’ Index (PMI) showed a loss in growth
momentum in January 2016, slipping to 52.7, a 46-month low. The
decline points to the weakest improvement in business conditions
since March 2012. While the PMI was still above the neutral 50.0
level that separates expansion from contraction, the data points to
slow growth in the UAE non-oil private sector in January 2016, in
line with the trend seen in 4Q2015. However, Emirates NBD
expects the non-oil sectors to contribute positively to overall
growth in the UAE in 2016. Meanwhile, a measure of growth in
Saudi Arabia’s non-oil economy fell to a record low as cheap crude
weighs on the world’s largest oil exporter. The Emirates NBD PMI
for Saudi Arabia dropped to 53.9 in January 2016, the lowest in the
six-and-a- half year history of the survey, driven by slower
expansion in new business. (Bloomberg)
 RAK TDA: Ras Al Khaimah tourism revenue up 12.4% YoY in 2015 –
The Ras Al Khaimah Tourism Development Authority (RAK TDA)
said that Ras Al Khaimah’s tourism revenue rose 12.4% YoY in
2015 over 2014, the highest increase in five years. The growth in
revenue was driven by a 6% YoY increase in the number of visitors
to 740,383 in 2015. Hotel occupancy in the Emirate grew 9.7% to
64.7% in 2015. Average daily rate and food & beverage revenues
rose 7% and 14.4%, respectively, during the same period. Revenue
per available room (RevPAR) increased 10% YoY to AED355.93 in
2015, while hotel room revenue was up 12.1%. (GulfBase.com)
 Gulf Finance: UAE SMEs struggling to get paid or secure loans as
confidence slides – According to a survey conducted by Gulf
Finance, Small and medium-sized enterprises (SMEs) in the UAE
struggled to get loans after confidence slipped to a new low in
4Q2015, when the fall in the price of oil was most fierce. As a
result, these businesses, typically the lifeblood of an economy,
reported in the survey that they are finding it more difficult to
secure financing and to get paid. They are also suspending plans
for expansion and have stopped hiring. Small businesses and
individuals have been shying away from borrowing in recent
quarters and banks have also become more reluctant to lend at a
time when bank deposits are dwindling amid low government
revenues from the sale of crude oil. (GulfBase.com)
 RAKBAK reports AED1.4bn net profit in 2015, recommends 50%
cash dividend – The National Bank of Ras Al Khaimah (RAKBAK)
reported net profit of AED1.4bn in 2015 as compared to
AED1.45bn in 2015. Net operating profit reached AED2.46bn in
2015 as compared to AED2.05bn in 2014. RAKBAK recorded
revenues of AED3.93bn in 2015 as compared to AED3.55bn in
2014. The bank’s total assets stood at AED40.55bn at the end of
December 31, 2015 as compared to AED34.83bn in the year-ago
period. Gross customer’s loans grew 10.6% to reach AED28.5bn,
while customer deposits were up 12.9% to stand at AED27.8bn.
Meanwhile, the bank’s board of directors (BoD) has recommended
50% cash dividend. This recommendation is subject to approval of
the Central Bank of the UAE and shareholders. (ADX)
 CBO issues bonds worth OMR100mn – Central Bank of Oman (CBO)
has announced the new issue of government development bonds
(GDB). The size of the new issue is fixed at OMR100mn with a
maturity period of five years and will carry a coupon rate of 3.5%
per annum. The issue will be open for subscription from February
7 to February 14, 2016, while the auction will be held on February
16, 2016. The issue settlement date will be February 22, 2016.
Interest on the new bonds will be paid semiannually on August 22
and February 22 every year until the maturity date, February 22,
2021. Investors may apply for these bonds through the
competitive bidding process only. Investors may submit bids
through commercial licensed banks operating in Oman. Investors
with applications of OMR1mn and above can submit their bids
directly to CBO after getting them endorsed from their banks. The
bonds are direct and unconditional obligations of the government
of Oman. They can be used as collateral to obtain loans from any
local commercial licensed bank. The bonds can also be traded at
prevailing market rates through the Muscat Securities Market
(MSM). GulfBase.com)
 Oman seeks consultant to forecast power demand – Oman floated a
tender on Tuesday, seeking proposals from international
consultants to provide technical advisory services for competitive
tendering to secure an economic expansion of power capacity to
meet future demand in 2021 and beyond. The consultant is
expected to advice the Oman Power and Water Procurement
Company (OPWP) on how to expand capacity within the main
interconnected area (MIS), which serves over 736,000 electricity
customers. This procurement will be by using the current
established process and contract structure. OPWP, a member of
Electricity Holding Company, is responsible for procuring new
electricity generation capacity and water in Oman. (GulfBase.com)
 GCC to invest around $900bn in 1,600 new projects over next
decade – Central Bank of Bahrain (CBB) Executive Director of
financial institutions supervision Abdul Rahman Al Baker has said
that a surge in insurance activity with a growth in gross premiums
is expected to unfold across the GCC over the next 5-10 years. He
said the sector’s growth will continue to be supported by
increasing investment in the GCC in construction, infrastructure
and petroleum industry-related projects. He added that the GCC is
set to invest around $900bn in almost 1,600 new projects over the
next decade. (GulfBase.com)

6. Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
`
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial
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Page 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
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
QSEIndex S&P Pan Ar ab S&P GCC
0.9%
(1.5%)
(0.3%)
(0.7%) (0.5%)
(0.8%)
0.2%
(2.4%)
(1.6%)
(0.8%)
0.0%
0.8%
1.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,142.65 1.2 2.2 7.7 MSCI World Index 1,540.87 0.1 (1.4) (7.3)
Silver/Ounce 14.69 2.7 3.0 6.0 DJ Industrial 16,336.66 1.1 (0.8) (6.2)
Crude Oil (Brent)/Barrel (FM Future) 35.04 7.1 0.9 (6.0) S&P 500 1,912.53 0.5 (1.4) (6.4)
Crude Oil (WTI)/Barrel (FM Future) 32.28 8.0 (4.0) (12.9) NASDAQ 100 4,504.24 (0.3) (2.4) (10.0)
Natural Gas (Henry Hub)/MMBtu 2.06 1.2 (8.6) (11.0) STOXX 600 329.43 (0.1) (1.8) (8.3)
LPG Propane (Arab Gulf)/Ton 36.00 6.3 0.7 (8.0) DAX 9,434.82 (0.1) (1.7) (10.9)
LPG Butane (Arab Gulf)/Ton 53.00 5.0 (1.9) (7.8) FTSE 100 5,837.14 (0.3) (1.7) (7.5)
Euro 1.11 1.7 2.5 2.2 CAC 40 4,226.96 0.1 (2.3) (7.2)
Yen 117.90 (1.7) (2.7) (1.9) Nikkei 17,191.25 (1.2) 0.8 (7.5)
GBP 1.46 1.3 2.5 (0.9) MSCI EM 721.65 (1.0) (2.8) (9.1)
CHF 1.00 1.4 1.9 (0.2) SHANGHAI SE Composite 2,739.25 (0.4) 0.0 (23.6)
AUD 0.72 1.8 1.2 (1.6) HANG SENG 18,991.59 (2.3) (3.7) (13.9)
USD Index 97.29 (1.6) (2.3) (1.4) BSE SENSEX 24,223.32 (1.2) (2.6) (9.5)
RUB 76.80 (3.8) 1.7 5.9 Bovespa 39,588.82 4.5 (0.1) (7.9)
BRL 0.26 2.4 2.7 1.7 RTS 696.96 (0.6) (6.5) (7.9)
108.1
93.0
92.6