The QSE Index gained 0.8% to close at 9,698.4

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index gained 0.8% to close at 9,698.4. Gains were led by the Real Estate and
Transportation indices, rising 2.3% and 2.2%, respectively. Top gainers were Qatari
Investors Group and Barwa Real Estate Co., rising 9.5% and 9.3%, respectively. Among
the top losers, Gulf International Services fell 4.6%, while Al Meera Consumer Goods Co.
was down 1.1%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.5% to close at 5,873.6. Losses were led by the
Insurance and Retail indices, falling 2.2% and 1.9%, respectively. Al Sagr Cooperative
Ins. fell 5.2%, while Al Hammadi Co. for Dev. & Inv. was down 5.1%.
Dubai: The DFM Index declined 1.0% to close at 3,064.7. The Banks and Consumer
Staples indices fell 2.6% each. Al Salam Group Holding declined 7.4%, while Al Salam
Bank - Sudan was down 6.5%.
Abu Dhabi: The ADX benchmark index fell 1.0% to close at 4,062.1. The Consumer
Staples index declined 2.7%, while the Investment & Financial Services index fell 2.4%.
National Marine Dredging and Int. Fish Farming were down 9.9% each.
Kuwait: The KSE Index declined 0.9% to close at 5,163.8. The Financial Services and
Industrial indices fell 1.3% each. Kuwait Cable Vision declined 9.1%, while Gulf
Franchising Holding Co. was down 8.1%.
Oman: The MSM Index fell 0.2% to close at 5,388.0. The Financial index declined 0.2%,
while the other indices ended in green. Construction Materials Ind. fell 3.3%, while Al
Hassan Engineering was down 2.7%.
Bahrain: The BHB Index declined 0.6% to close at 1,169.0. The Investment index fell
2.2%, while the Services index declined 0.1%. Arab Banking Corporation fell 6.8%,
while Bahrain Duty Free Complex was down 0.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatari Investors Group 31.60 9.5 751.2 (16.2)
Barwa Real Estate Co. 35.20 9.3 1,959.9 (12.0)
Qatar Industrial Manufact. Co. 41.60 8.1 295.0 4.4
Islamic Holding Group 57.50 7.5 169.9 (26.9)
Gulf Warehousing Co. 49.50 6.0 50.3 (13.0)
.
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 35.20 9.3 1,959.9 (12.0)
Gulf International Services 33.00 (4.6) 1,594.0 (35.9)
Dlala Brokerage & Inv. Holding Co. 12.14 1.2 825.4 (34.3)
Qatari Investors Group 31.60 9.5 751.2 (16.2)
Salam International Investment 10.20 0.2 747.2 (13.7)
Market Indicators 8 Feb 16 7 Feb 16 %Chg.
Value Traded (QR mn) 336.7 215.8 56.0
Exch. Market Cap. (QR mn) 517,022.3 513,200.8 0.7
Volume (mn) 10.4 6.8 52.1
Number of Transactions 5,420 3,553 52.5
Companies Traded 40 39 2.6
Market Breadth 28:7 14:23 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,125.57 0.8 0.2 (6.7) 10.6
All Share Index 2,587.91 1.0 0.3 (6.8) 10.6
Banks 2,658.62 0.6 (0.2) (5.3) 11.1
Industrials 2,776.65 0.7 (0.6) (12.9) 12.5
Transportation 2,310.64 2.2 0.5 (4.9) 11.0
Real Estate 2,134.35 2.3 2.3 (8.5) 7.0
Insurance 4,024.25 (0.2) (0.3) (0.2) 10.3
Telecoms 1,076.14 0.4 1.2 9.1 23.6
Consumer 5,473.22 0.7 1.2 (8.8) 12.1
Al Rayan Islamic Index 3,482.12 1.9 1.4 (9.7) 10.6
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Dana Gas Abu Dhabi 0.51 6.3 66,171.5 0.0
Etihad Atheeb Telecom. Saudi Arabia 4.21 5.0 15,180.7 (22.8)
Kuwait Food Co. Kuwait 2.30 4.6 74.5 15.0
Knowledge Eco. City Saudi Arabia 11.97 4.5 15,858.9 (22.8)
Tihama Adv. & Public Saudi Arabia 36.06 4.5 19,841.3 21.0
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Nat. Marine Dredging Abu Dhabi 4.90 (9.9) 5.0 (10.6)
Abu Dhabi Nat. Ins. Abu Dhabi 2.12 (9.8) 10.0 (26.4)
Arab Banking Corp. Bahrain 0.48 (6.8) 102.1 12.9
Solidarity Saudi Saudi Arabia 7.62 (4.8) 3,891.8 2.6
Emirates NBD Dubai 7.40 (4.5) 563.1 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 33.00 (4.6) 1,594.0 (35.9)
Al Meera Consumer Goods Co. 191.50 (1.1) 5.1 (13.0)
Widam Food Co. 43.00 (1.0) 15.5 (18.6)
Qatar Insurance Co. 82.40 (0.7) 27.5 0.5
National Leasing 12.52 (0.7) 309.8 (11.2)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 35.20 9.3 65,947.5 (12.0)
Gulf International Services 33.00 (4.6) 53,754.3 (35.9)
Qatari Investors Group 31.60 9.5 23,281.2 (16.2)
Ooredoo 88.50 0.6 21,095.5 18.0
Industries Qatar 100.10 0.0 17,163.5 (9.9)
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* 9,698.37 0.8 0.2 2.3 (7.0) 92.47 141,974.3 10.6 1.5 4.9
Dubai 3,064.71 (1.0) 0.2 2.2 (2.7) 116.70 82,387.0 10.3 1.1 3.8
Abu Dhabi 4,062.06 (1.0) (1.9) 0.2 (5.7) 73.95 113,565.6 11.6 1.3 5.6
Saudi Arabia 5,873.64 (0.5) (1.7) (2.1) (15.0) 1,697.56 358,516.9 13.5 1.4 4.3
Kuwait 5,163.80 (0.9) (0.7) 1.0 (8.0) 35.80 82,132.1 14.8 0.9 4.9
Oman 5,388.02 (0.2) 2.8 4.0 (0.3) 21.05 21,863.5 9.3 1.1 4.7
Bahrain 1,169.02 (0.6) (0.7) (1.5) (3.9) 0.94 18,379.2 7.6 0.8 5.9
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, DFM and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any; *Data as of February 8, 2016)
9,600
9,650
9,700
9,750
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index gained 0.8% to close at 9,698.4. The Real Estate and
Transportation indices led the gains. The index rose on the back of buying
support from Qatari shareholders despite selling pressure from non-Qatari
and GCC shareholders.
 Qatari Investors Group and Barwa Real Estate Co. were the top gainers,
rising 9.5% and 9.3%, respectively. Among the top losers, Gulf International
Services fell 4.6%, while Al Meera Consumer Goods Co. was down 1.1%.
 Volume of shares traded on Monday rose by 52.1% to 10.4mn from 6.8mn
on Sunday. Further, as compared to the 30-day moving average of 7.2mn,
volume for the day was 44.3% higher. Barwa Real Estate Co. and Gulf
International Services were the most active stocks, contributing 18.9% and
15.4% 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
Dubai Insurance Co.* Dubai AED 355.3 11.5% 23.4 19.0% 35.1 16.8%
Oman Insurance Co.* Dubai AED 1,399.2 -3.8% 30.3 -70.0% 80.9 -64.0%
Agthia Group* Abu Dhabi AED 1,866.4 12.8% – – 231.3 19.7%
Hotels Management Company
International*
Oman OMR 11.3 -7.7% – – 2.2 -18.0%
Muscat Gases* Oman OMR 9.5 -5.1% – – 1.3 -3.8%
Banader Hotels Co.* Bahrain BHD – – – – -1.2 NA
Source: Company data, DFM, ADX, MSM (*FY2015 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
02/08 US Federal Reserve Labor Market Conditions Index Change January 0.4 2.0 2.3
02/09 US Nat'l Fed. of Ind. Business NFIB Small Business Optimism January 93.9 94.5 95.2
02/09 US Bureau of Labor Statistics JOLTS Job Openings December 5,607.0 5,413.0 5,346.0
02/09 US Census Bureau Wholesale Inventories MoM December -0.10% -0.20% -0.40%
02/09 US Census Bureau Wholesale Trade Sales MoM December -0.30% -0.40% -1.30%
02/08 EU Sentix Behavioral Indices Sentix Investor Confidence February 6.0 7.4 9.6
02/09 France Ministry of the Economy Budget Balance YTD December -70.5bn – -82.8bn
02/08 France Banque De France Bank of France Bus. Sentiment January 101.0 99.0 100.0
02/09 Germany Deutsche Bundesbank Industrial Production SA MoM December -1.20% 0.50% -0.10%
02/09 Germany Bundesministerium fur Wirtscha Industrial Production WDA YoY December -2.20% -0.60% 0.10%
02/09 Germany Destatis Trade Balance December 18.8bn 20.0bn 20.5bn
02/09 Germany Destatis Current Account Balance December 25.6bn 26.7bn 24.3bn
02/09 Germany Deutsche Bundesbank Exports SA MoM December -1.60% 0.50% 0.50%
02/09 Germany Deutsche Bundesbank Imports SA MoM December -1.60% -0.50% 1.30%
02/09 UK ONS Visible Trade Balance GBP/Mn December -£9,917.0 -£10,400.0 -£11,503.0
02/09 UK ONS Trade Balance Non EU GBP/Mn December -£2,357.0 -£2,500.0 -£3,538.0
02/09 UK ONS Trade Balance December -£2,709.0 -£3,000.0 -£4,031.0
02/09 UK The British Retail Consortium BRC Sales Like-For-Like YoY January 2.60% 0.30% 0.10%
02/08 Spain INE Industrial Output NSA YoY December 2.90% – 6.00%
02/08 Spain INE Industrial Output SA YoY December 3.70% 4.10% 4.30%
02/08 Spain INE Industrial Production MoM December -0.20% – 0.10%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 55.60% 45.54% 33,848,174.07
Qatari Institutions 14.40% 16.30% (6,399,400.80)
Qatari 70.00% 61.84% 27,448,773.27
GCC Individuals 1.19% 2.52% (4,473,427.53)
GCC Institutions 3.58% 7.81% (14,236,756.46)
GCC 4.77% 10.33% (18,710,183.99)
Non-Qatari Individuals 16.14% 16.85% (2,386,498.71)
Non-Qatari Institutions 9.09% 10.97% (6,352,090.57)
Non-Qatari 25.23% 27.82% (8,738,589.28)

3. Page 3 of 7
Earnings Calendar
Tickers Company Name Date of reporting 4Q2015 results No. of days remaining Status
QGRI Qatar General Insurance & Reinsurance 10-Feb-16 0 Due
WDAM Widam Food Company 11-Feb-16 1 Due
SIIS Salam International Investment 14-Feb-16 4 Due
MCGS Medicare Group 14-Feb-16 4 Due
UDCD United Development Company 14-Feb-16 4 Due
DBIS Dlala Brokerage & Investment Holding Company 15-Feb-16 5 Due
AKHI Al Khaleej Takaful Insurance 15-Feb-16 5 Due
AHCS Aamal Company 15-Feb-16 5 Due
ERES Ezdan Real Estate Company 16-Feb-16 6 Due
QGTS Qatar Gas Transport Company (Nakilat) 17-Feb-16 7 Due
BRES Barwa Real Estate Company 21-Feb-16 11 Due
MERS Al Meera Consumer Goods Company 21-Feb-16 11 Due
MCCS Mannai Corp. 24-Feb-16 14 Due
ORDS Ooredoo 1-Mar-16 20 Due
Source: QSE
News
Qatar
 QSE suspends trading of MCCS shares on February 10 – The Qatar
Stock Exchange (QSE) has announced the trading suspension of
Mannai Corporation’s (MCCS) shares on February 10, 2016 due to
its EGM being held on that day. (QSE)
 DOHI seeks shareholders nod to distribute 10% cash dividend –
Doha Insurance Company (DOHI) will hold its ordinary general
assembly meeting and extraordinary general assembly meeting
(AGM & EGM) on February 28, 2016. Shareholders at the AGM will
consider approving the board of directors’ (BoD) proposal to
distribute cash dividend of 10% from the share par value (QR1 per
share). The meeting will also discuss and approve corporate
governance report of DOHI for the year 2015. Meanwhile, the EGM
will consider amending company’s Articles of Association to
comply with the Commercial Companies Law No. (11) year 2015.
In case the quorum is not met, a second meeting will be held on
March 7, 2016 at the same time and place. (QSE)
 QIBK to hold AGM on February 22 – Qatar Islamic Bank (QIBK) will
hold its general assembly meeting (AGM) on February 22, 2016.
Shareholders at the AGM will consider approving the board of
directors’ (BoD) proposal to distribute 42.5% cash dividend of the
nominal value per share (QR4.25 per share). The meeting will also
discuss and approve the board’s recommendation regarding QIB
Additional Tier 1 (AT1) Capital Perpetual Sukuk and the QIB
Sukuk program. In this regard, shareholders will consider
extending the approval of QR3bn remaining from the Additional
Tier 1 (AT1) Capital Perpetual Sukuk that was already approved as
part of the QR5bn. They will consider approving an increase in the
maximum size of QIB Sukuk program to the level of $3bn, instead
of $1.5bn. In case the quorum is not met, a second meeting will be
held on February 29, 2016 at the same time and place. (QSE)
 QGMD discloses external auditor qualification on the financial
statements for FY2014 –Qatari German Company for Medical
Devices (QGMD), in its note ‘8” of the financial statements, has
recognized a plot of land obtained under operating lease in 2001
as property, plant and equipment. In year 2007, the company
reclassified a parcel of land as investment property from its
property, plant and equipment based on its purpose. The
company’s management is of the view that the risk and rewards of
the leased land will be transferred to the company at the end of
lease period based on subsequent discussions with the Ministry of
Municipality & Urban Planning and have also sent a request letter
to the Ministry to confirm the same. As of the date of disclosure,
the company has not been provided any confirmation from the
Ministry of Municipality & Urban Planning confirming that such
land will be transferred to the company or renew the lease of long
term agreement for similar period. If the company does not get the
required approval for above requests, then the value of the land
will be removed from property, plant and equipment, and
according to external auditor report it will result in increasing the
company’s accumulated losses by QR21,845,277 according to
financial statements as of 31 December 2014 (QSE)
 ORDS seeking over $1.5bn via bonds, loans – According to sources,
Ooredoo (ORDS) is in talks with banks to raise over $1.5bn
through bonds and loans in 2016. The telecommunications firm is
seeking funds to refinance its existing $1bn revolving credit facility
(RCF) maturing in March 2017. The firm is reportedly exploring
options, including raising funds through a conventional RCF or
Islamic loan in US dollars or in a combination of currencies. ORDS
has asked banks to respond no later than February 14, 2016. ORDS
is looking to tap the international debt market instead of seeking
loans from local banks, as low oil prices have shrunk regional
governments’ energy revenues, hitting banking sector liquidity.
The firm has sought commitments from local and international
banks for credit facilities with tenures of three, five and six years,
and aims to sign the facility by April 30, 2016. The company is,
however, open to raising funds as late as March 2017. On bonds,
ORDS has sought proposals in five, 10 and 15-year tenures.
Meanwhile, Microsoft and ORDS have announced a collaboration
to offer their products bundled together for customers. Under the
terms of the agreement, Microsoft products such as Office 365,
Surface Pro 4 and Lumia devices can be purchased from ORDS
stores bundled with ORDS’ Shahry plans. Moreover, ORDS has
announced that its Mozaic TV Clubs, which enable customers to
watch movies and programs on demand, has seen an
unprecedented take-up in the past few months, recording the
highest growth in the history of the service. (GulfBase.com,
Reuters, Peninsula Qatar)
 KPMG’s Omar Mahmood: Listed Qatar banks to continue exploring
global growth options – KPMG (Qatar) Partner Omar Mahmood has
said that banks listed in Qatar will continue to explore
international expansion opportunities in the region and outside to
help achieve their strategic growth plans. This will help them tap
into the increasing number of trade corridors to and from the
region and face economic headwinds. He said funding costs were
expected to rise due to greater competition for cheaper

4. Page 4 of 7
government deposits, diversification of funding sources and a
rising global interest rate environment. He expects that there
would be a continued trend to raise additional long-term funding
and capital, as the high Basel III capital adequacy requirements
come into force in a phased manner and banks look to exceed the
minimum requirements to fund expansion plans. (Gulftimes.com)
 Qatar and Saudi ministers discuss investment plans – Minister of
Economy and Commerce (MEC) HE Sheikh Ahmed bin Jassim Al
Thani met with Saudi Arabian Minister of Commerce and Industry
HE Dr Tawfiq Al Rabiah in Riyadh. The meeting discussed
prospects of joint cooperation between the two countries,
particularly in the areas of economy, trade & investment and ways
of enhancing them. (Peninsula Qatar)
International
 Obama proposes $4.1tn spending plan in final White House budget
– US President Barack Obama proposed a $4.1tn spending plan for
FY2017 on February 9, 2016 in the final White House budget that
met immediate Republican resistance for its cost and reliance on
tax hikes to fund domestic priorities. Obama sought to outline his
fiscal and political vision for the country with proposed
investments in infrastructure, cyber security, education and job
growth. It also includes over $11bn for the Departments of
Defense and State to fight Islamic State militants and stabilize
Syria. However, the plan is primarily a political document and is
unlikely to be embraced by the Republican-controlled Congress.
Meanwhile, Obama proposed expanding the earned income tax
credit (EITC), which helps low-income taxpayers, to give a bigger
boost to childless people. Obama proposed doubling the tax credit
for workers, who are not raising children, bringing the credit to a
maximum of about $1,022 a year for them. He said it should be
expanded to cover workers with earnings up to 150% of the
poverty line, so about $18,180 for a single person. Under the
current law, the cutoff comes at about $15,040. (Reuters)
 NFIB: US small business confidence at two-year low – The National
Federation of Independent Business (NFIB) has said that US small
business confidence fell in January to its lowest level in nearly two
years amid worries about the near-term outlook for business
conditions and sales growth, consistent with a recent slowdown in
economic growth. NFIB said its Small Business Optimism Index fell
1.3 points to 93.9 last month, the weakest reading since February
2014. However, small businesses remained fairly upbeat about the
labor market. NFIB said there was little sign that a stock market
selloff and December’s interest rate hike by the Federal Reserve,
the first in nearly a decade, had impacted confidence. Owners’
perceptions of business conditions in six months weakened
sharply as did their views of expected sales. (Reuters)
 ONS: UK trade deficit widens in fourth quarter, likely to have
dragged on economic growth – The Office for National Statistics
(ONS) has said that Britain’s trade deficit with the rest of the
world worsened in 4Q2015 and is likely to have dragged on
economic growth, despite improving in the month of December.
ONS said Britain’s total trade deficit widened to £10.352bn in
4Q2015 from £8.575bn in 3Q2015, marking the biggest trade gap
since the start of 2015. Trade is likely to appear as a drag on
economic growth at 2015-end when revised figures for GDP are
released. The trade in goods deficit for 2015 as a whole widened to
£125.028bn from £123.143bn, the biggest on record. In December
alone, the total trade deficit, including services, narrowed to
£2.709bn from £4.031bn pounds, helped by the value of oil
imports falling to their lowest since February 2009 as crude prices
plunge. (Reuters)
 German output drop raises doubts about growth prospects –
German industrial output plunged in December at the steepest rate
in 16 months and exports also dropped unexpectedly, suggesting
Europe’s largest economy lost momentum at 2015-end and may
struggle in 2016. The surprisingly poor data highlighted the
challenges to Germany’s traditionally export-driven economy from
a slowdown in emerging markets and signs that growth in the US,
its most important trade partner, may be cooling. Data from the
Economy Ministry showed industrial output fell by 1.2% MoM in
December, the biggest drop since August 2014. (Reuters)
Regional
 BAML: OPEC needs to raise output in next 5 years to balance market
– According to a report released by Bank of America Merrill Lynch
(BAML), OPEC (Organization of the Petroleum Exporting
Countries) needs to increase production by 4.1mn barrels per day
(mbpd) over the next five years to balance the market. Moreover,
the structural shift toward a lower price environment will have
profound and long-lasting consequences for non-OPEC production.
As per the report, the US will be the only country to ramp up its
production materially in non-OPEC nations by 2020, and OPEC
may have to provide the incremental barrels as demand will grow
by 5.9 mbpd in 2015-20. BAML believes that Saudi Arabia can
make up for half of this given its 2.1 mbpd of spare capacity, while
other OPEC countries will expand their capacity in the next five
years, namely Iran, the UAE and Nigeria. (Gulf-Times.com)
 Al Hammadi reports electrical contact incident in hospital basement
– Al Hammadi Company for Development & Investment has
reported an electrical contact incident in the electricity circuit
breakers room at the basement of Al Hammadi Olaya Hospital
building. Al Hammadi said that the incident did not result in any
human casualties or material damages. (Tadawul)
 Sipchem to acquire Ikarus’ equity interests in Acetyls Complex –
Saudi International Petrochemical Company (Sipchem) has made
an announcement regarding its agreement with Kuwait’s Ikarus
Petroleum Industries Company to acquire its equity interests in
the Acetyl Complex. The company has completed all governmental
requirements to purchase the Ikarus’ stake in the Acetyl Complex,
namely in two Sipchem’s affiliates: International Acetyl Company
(11%) and International Vinyl Acetate Company (11%). The
company has paid the entire value of the deal, which stands at
SR375.3mn. The financial impact will be reflected during 1Q2016.
Sipchem’s equity interests in each company, by virtue of this
transaction, will increase to 87% with no change in the ownership
percentages of the remaining partners. (Tadawul)
 Riyad Bank makes SAR201mn non-recurring capital gains from land
sale – Riyad Bank has recorded non-recurring capital gains of
SR201.11mn from selling a land plot in Jeddah. The bank received
the full payment from the buyer and the ownership transfer was
completed. The land’s book value stood at SR1.4mn. The bank said
that the relevant financial impact will be reflected in the 1Q2016
financial results. (Tadawul)
 Majid Al Futtaim to invest SR14bn to build two malls in Riyadh –
Majid Al Futtaim would invest SR14bn to build two malls in
Riyadh. The Mall of Saudi spans a total land area of more than
866,000 square meters (sqm) and will include shops, restaurants,
entertainment venues, offices, hotels and residential units, while
the second mall City Centre Ishbiliyah is located in the eastern part
of Riyadh and will open in 2018. The Phase I of development at
Mall of Saudi will start in mid-2017 and is expected to be
completed by 2022. The group expects the new malls to create
more than 10,000 direct and indirect jobs in Riyadh. With the two
new developments, there will be more than 20 malls across the
MENA region that are owned and operated by the privately held
company, which last week reported an 8% increase in annual
revenue. (Ameinfo.com)
 SEC buys six more gas turbines – Saudi Electricity Company (SEC)
has ordered six more of GE’s trailer-mounted, fast-starting

5. Page 5 of 7
TM2500+ mobile aeroderivative gas turbine packages for existing
power plant locations in Jizan and Tabuk. With black-start
capability, these proven turbines can serve as emergency
generators in the event of a power outage. (GulfBase.com)
 Asharq Al Awsat: KSA considers lifting local partnership
requirement for foreign companies – Asharq Al Awsat newspaper
has reported that Saudi Arabia is reconsidering a requirement for
foreign companies setting up in the country to have a local partner.
As per the newspaper, a committee has been set up to increase
foreign direct investment (FDI) flows to the Kingdom, which is
also expected to remove bureaucratic barriers for foreign firms
that want access to the Saudi Arabian economy. (GulfBase.com)
 PM: UAE plans to trim ministries, outsource most government
services – Prime Minister Sheikh Mohammed bin Rashid al-
Maktoum said that the UAE is planning to outsource most
government tasks to the private sector and cut the number of
ministries. (Reuters)
 OIC BoD recommends 10% dividend – Oman Insurance Company’s
(OIC) board of directors (BoD) has recommended 10% dividend.
(DFM)
 DP World's container volumes up 3% YoY in 2015 – DP World
reported a 3% YoY growth in container volumes for 2015 despite
challenging conditions and difficult second half for global trade
operators. All top-20 trading nations in the World Trade
Organisation reported declines in 2015. The Baltic Dry Bulk Index,
considered as a proxy for global trade, witnessed a series of record
lows since the beginning of 2015. DP World reported that gross
container volumes of the company totaled 61.7mn twenty-foot
equivalent units (TEU) in 2015 as compared to 59.9mn TEUs in
2014. The operator expects to open its third berth at London
Gateway in mid-2016, adding 600,000 TEUs of new capacity. The
additional 2mn TEUs at terminal three (T3) Jebel Ali will also be
operational in 2H2016. (GulfBase.com)
 Shuaa Capital advises ENG on Misr Bus stake acquisition – SHUAA
Capital has successfully advised Emirates National Group (ENG) on
its strategic acquisition of a stake in Egyptian Advanced Company
for Public Transportation (Misr Bus). ENG is a UAE-based
integrated transportation solutions company, while Misr Bus is a
transportation company operating in Egypt. (DFM)
 DIB seeks shareholders’ nod to issue up to $750mn Shari’ah-
compliant capital boosting bonds – Dubai Islamic Bank (DIB) is
seeking shareholders’ approval to issue up to $750mn in Shari’ah-
compliant capital boosting bonds. This would potentially raise its
Tier 1 or core capital, to $2.75bn. The lender has sought
shareholders’ approval for the board to be able to issue a Sukuk
and/or other convertible shares if required. DIB has also sought
approval from shareholders to allow it to increase its paid-up
capital by AED988.4mn ($269.1mn), subject to regulatory and
other approvals. (Reuters)
 MoF Undersecretary: UAE expects to ratify federal debt law in 2016
– The Ministry of Finance (MoF) Undersecretary Younis Al-Khouri
said that the UAE is likely to ratify a law by 2016-end that will
allow the federal government to issue bonds, after which the UAE
would issue about AED80-100bn worth of debt. He expects law to
be ratified in six to nine months. The seven individual emirates in
the UAE issue bonds, but the federal government has not done so
in the absence of such a law, which has been in preparation for
years. (Reuters)
 Delayed Falconcity of Wonders project to get $2bn kickstart – The
main developer of Dubai’s Falconcity of Wonders project said the
long-delayed project will gain new life in 2016 with around $2bn
in new developments. The falcon-shaped project has seen only
about a tenth of the 5,500 planned homes built since its launch in
2005 and although billed to include outsized replicas of Pyramids
and Taj Mahal, there are as yet no wonders on the 42mn square
foot plot. (Reuters)
 Dubai to press ahead with world's largest mall as Gulf economy
slows – Dubai said that it would press ahead with plans to build
the world’s largest shopping mall despite an economic slowdown
looming in the region, but would assess market demand before
proceeding with the project’s later stages. The Mall of the World
project, encompassing 8mn square feet of shopping space
connected to a theme park, 100 hotels and serviced apartment
buildings with 20,000 rooms, was announced in mid-2014, just as
oil prices began a precipitous plunge. Dubai Holding Vice-
Chairman Ahmad bin Byat said that the project is massive and
complex, and will have to be built in stages. He predicted that it
would still become the world's largest shopping destination,
adding that the Phase I representing about a quarter of the
project’s size would be completed before Dubai hosts the Expo
2020 exhibition. He added that Dubai Holding would provide
around AED30bn for the project, which is estimated to be valued
at AED80bn. (Reuters)
 UNB reports AED1.85bn net profit in 2015 – Union National Bank
(UNB) reported a net profit of AED1.85bn in 2015 as compared to
AED2bn in 2014. The bank’s operating income reached AED3.73bn
in 2015 as compared to AED3.5bn in 2014. The bank’s total assets
stood at AED101.89bn at the end of December 31, 2015 as
compared to AED93.46bn in the year-ago period. Loans &
advances reached AED68.43bn, while customer deposits stood at
AED74.79bn. EPS amounted to AED0.65 in 2015 versus AED0.69
in 2014. (ADX)
 OCB Oilfield acquires 100% stake in Kuiper International – OCB
Oilfield Services, a portfolio company of Gulf Capital, has acquired
100% stake in Kuiper International. Kuiper is a dominant player in
the offshore construction and maintenance services sector, with a
particular stronghold in the Asia Pacific (APAC) region and
Australia. The Kuiper deal represents the fourth bolt-on
acquisition in Asia Pacific for a Gulf Capital portfolio company and
almost doubles the size of OCB, and extends both its geographical
coverage as well as its service offerings to its client base.
(Peninsula Qatar)
 Chairman: Du expects royalty rates to remain unchanged in 2017 –
Emirates Integrated Telecommunications Company (Du)
Chairman Ahmad Bin Byat said that the royalty rates or taxes
levied on Du are likely to remain unchanged in 2017. The UAE’s
Finance Ministry had previously set out a five-year timetable for
Du's royalty or tax rates for 2012 to 2016. This steadily increased
Du's rates until the company paid the same in percentage terms as
former monopoly Etisalat. Both companies will pay 15% of their
regulated revenue which excludes the likes of handset sales and
30% of their regulated profit in royalties in 2016, leaving a
question mark as to what will happen from 2017 onward.
(Reuters)
 KFH to set up Islamic Turkish funds firm – Kuwait Finance House
(KFH) will set up a Shari’ah-compliant asset management unit
under its Turkish bank branch. Kuwait Finance House Turk will
establish five Shari’ah -compliant investment funds and offer other
investment services under KT Portfoy, the new unit. The
establishment of the new firm is conditional on approval from
Turkey's Capital Market Authority. Earlier, in January 2016, KFH
CEO said it would issue Islamic bonds to boost capital reserves at
its subsidiary bank in Turkey, even as it looks to restructure its
global assets. (Reuters)
 Americana gives go-ahead to due diligence over stake sale – Kuwait
Food Company (Americana) has agreed to give an investment firm
60 days to carry out due diligence for the acquisition of a
controlling stake in the company. Last week, Adeptio had signed

6. Page 6 of 7
an initial agreement to buy a 69% stake in Americana from the Al
Khair Holding Company, which is owned by Kuwait's Al-Kharafi
family. Americana has a market capitalization of about $2.95bn,
suggesting the 69% stake could be worth around $2bn. (Reuters)
 KUNA: KPC to sell loss-making assets to cut costs – KUNA has
reported that Kuwait Petroleum Corporation (KPC) is planning to
sell loss-making assets to cut costs as low oil prices put pressure
on its finances. KPC CEO Nizar al-Adsani said that the company has
started efforts to sell its Europoort refinery in the Netherlands and
had decided to shut a fertilizer plant of Kuwaiti unit Petrochemical
Industries Company. He added that KPC's affiliates, Kuwait
National Petroleum Company and Kuwait Oil Company have
already cut costs by 15-20%. As part of the exercise, KPC plans to
set up a company to manage the integration of its new refinery at
Al-Zour and a petrochemical complex, and liquefied natural gas
facilities. (Reuters)
 Kuwait's Equate in talks with banks to refinance $6bn bridge loan –
Equate Petrochemical Company is in talks with banks to refinance
a $6bn bridge loan that was secured in 2015 and was partly used
to fund the acquisition of petrochemical company MEGlobal.
According to sources, the venture between Dow Chemical and
Petrochemical Industries Company (PIC) is seeking funds split into
portions of three years and five years. Equate's loan would
facilitate the exit of Dow from some of its ventures in Kuwait. The
sale of MEGlobal is part of Dow's bigger plan to optimize
ownership in its Kuwait operations. The current bridge loan was
arranged by banks including JP Morgan, Citigroup, HSBC, Kuwait
Finance House and National Bank of Kuwait. (Bloomberg)
 Al Maha Ceramics BoD recommends 35% cash dividend for 2015 –
Al Maha Ceramics’ board of directors (BoD) has proposed paying
35% cash dividend (35 baizas per share) from the paid-up capital
for the year 2015. (MSM)
 HMCI BoD recommends OMR0.90 per share cash dividend for 2015
– Hotels Management Company International’s (HMCI) board of
directors (BoD) has proposed paying OMR0.90 per share cash
dividend for the year 2015. (MSM)
 Muscat Gases BoD recommends 35% cash dividend – Muscat Gases’
board of directors (BoD) has proposed 35% cash dividend. This
recommendation is subject to the approval of shareholders at the
AGM to be held on March 24, 2016. (MSM)
 Al Anwar Ceramic Tiles recommends 20% cash dividend for 2015 –
Al Anwar Ceramic Tiles has proposed a cash dividend of 20% (20
baizas per share) on the company’s paid-up capital for the year
2015. (MSM)
 CBO Executive President: Oman to borrow $5-10bn from abroad –
Central Bank of Oman (CBO) Executive President HE Hamood
Sangour Al Zadjali said that Oman is planning to borrow between
$5-10bn from abroad to help finance a budget deficit caused by
low oil prices. He said the government might issue Eurobonds by
the middle of 2016. He added that the government is also planning
to issue OMR600mn of domestic bonds in 2016 or about
OMR100mn. Oman is currently marketing an OMR100mn, five-
year issue with a coupon of 3.5% - the bonds will be auctioned on
February 16, 2016. (Reuters)
 Oman’s first integrated light industries city to be ready in 2018 –
Oman’s first integrated light industries city, which will be
developed by Sandan Development at a cost of OMR100mn, is
expected to be completed in mid-2018, catering to automotive and
construction sectors. The first-of-its-kind project will be
constructed over 250,000 square meters of land and will be
located 5 kilometers away from Al Mabailah exit at the express
way. (GulfBase.com)
 BBK reports BHD53.2mn net profit in 2015 – BBK reported a net
profit of BHD53.21mn in 2015 as compared to BHD50.1mn in
2014. Total operating income reached BHD121.14mn in 2015 as
compared to BHD117.55mn in 2014. The bank’s total assets stood
at BHD3.646bn at the end of December 31, 2015 as compared to
BHD3.5bn in the year-ago period. Loans & advances reached
BHD1.76bn, while deposits and amounts due to banks & other
financial institution stood at BHD179.4mn. EPS amounted to
BHD0.05 per share in 2015 versus BHD0.047 per share in 2014.
The bank’s capital adequacy ratio remained at comfortable levels
well above the regulatory requirement at 14.87%. Meanwhile, the
board of directors has recommended distribution of 25 fils per
share cash dividend. This recommendation is subject to the
approval of the Central Bank of Bahrain and general assembly of
the bank. (Bahrain Bourse)
 Banader Hotels BoD decides dividend freeze – Banader Hotels
Company has decided not to distribute dividends for the financial
year ended December 31, 2015. (Bahrain Bourse)

7. Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
`
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (#Market closed on February 9, 2016) Source: Bloomberg (*$ adjusted returns; #Market closed on February 9, 2016)
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
(0.5%)
0.8%
(0.9%)
(0.6%)
(0.2%)
(1.0%) (1.0%)
(1.6%)
(0.8%)
0.0%
0.8%
1.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D%
WTD
%
YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,189.13 (0.0) 1.3 12.0 MSCI World Index 1,488.54 (0.7) (2.3) (10.5)
Silver/Ounce 15.24 (0.5) 1.5 10.0 DJ Industrial 16,014.38 (0.1) (1.2) (8.1)
Crude Oil (Brent)/Barrel (FM Future) 30.32 (7.8) (11.0) (18.7) S&P 500 1,852.21 (0.1) (1.5) (9.4)
Crude Oil (WTI)/Barrel (FM Future) 27.94 (5.9) (9.6) (24.6) NASDAQ 100 4,268.76 (0.3) (2.2) (14.8)
Natural Gas (Henry Hub)/MMBtu 2.17 (2.6) 3.9 (6.3) STOXX 600 309.39 (0.3) (3.6) (12.0)
LPG Propane (Arab Gulf)/Ton 35.50 (3.1) (3.1) (9.3) DAX 8,879.40 0.2 (2.9) (14.3)
LPG Butane (Arab Gulf)/Ton 51.50 (14.2) (11.2) (10.4) FTSE 100 5,632.19 (0.5) (3.6) (11.3)
Euro 1.13 0.9 1.2 4.0 CAC 40 3,997.54 (0.4) (3.4) (10.3)
Yen 115.11 (0.6) (1.5) (4.3) Nikkei 16,085.44 (4.7) (2.6) (11.2)
GBP 1.45 0.3 (0.2) (1.8) MSCI EM 729.88 (0.6) (1.3) (8.1)
CHF 1.03 1.5 1.9 3.0 SHANGHAI SE Composite# 2,763.49 0.0 0.0 (22.9)
AUD 0.71 (0.2) 0.0 (3.0) HANG SENG # 19,288.17 0.0 0.0 (12.4)
USD Index 96.07 (0.5) (1.0) (2.6) BSE SENSEX 24,020.98 (1.0) (2.6) (10.3)
RUB 79.69 2.2 2.8 9.9 Bovespa$# 40,592.09 0.0 0.0 (5.1)
BRL# 0.26 0.0 0.0 1.5 RTS 690.37 (1.9) (4.9) (8.8)
110.5
93.6
93.1