Qatar stock exchange

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QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 3.1% to close at 11,295.5. Gains were led by the Telecoms and Banks
& Financial Services indices, gaining 4.2% and 3.9%, respectively. Top gainers were
Medicare Group and QNB Group, rising 5.7% and 5.6%, respectively. Among the top
losers, Gulf Warehousing Co. fell 2.1%, while Qatar Industrial Manufacturing Co.
declined 1.1%.
GCC Commentary
Saudi Arabia: The TASI Index rose 3.0% to close at 7,604.3. Gains were led by the
Petrochemical Industries and Multi-Inv. indices, rising 5.3% and 4.4%, respectively.
Aseer Trading, Tourism & Man. rose 9.9%, while National Petrochem. was up 9.8%.
Dubai: The DFM Index gained 4.0% to close at 3,648.5. The Financial & Investment
Services index rose 7.2%, while the Transportaion index gained 4.8%. Gulf General
investment Co. surged 14.9%, while Unikai Foods was up 14.8%.
Abu Dhabi: The ADX benchmark index rose 3.0% to close at 4,461.1. The Real Estate
index gained 6.4%, while the Consumer Staples index rose 4.1%. Methaq Takaful
Insurance Co. surged 14.6%, while Union Cement Co. was up 7.1%.
Kuwait: The KSE Index gained 1.1% to close at 5,876.5. The Oil & Gas and Technology
indices rose 3.0% each. Kuwait Real Estate Holding Co. gained 11.9%, while National
Petroleum Services Co. was up 8.9%.
Oman: The MSM Index rose 0.6% to close at 5,816.8. Gains were led by the Industrial
and Financial indices, rising 0.8% and 0.6%, respectively. Construction Materials Ind.
rose 5.9%, while Al Madina Investment was up 5.5%.
Bahrain: The BHB Index declined 0.1% to close at 1,302.3. The Commercial Bank index
fell 0.2%, while the other indices ended flat. National Bank of Bahrain declined 2.0%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Medicare Group 164.50 5.7 16.0 40.6
QNB Group 176.80 5.6 178.9 (17.0)
Gulf International Services 60.00 5.4 1,631.2 (38.2)
Masraf Al Rayan 42.90 5.1 866.8 (2.9)
Qatar Navigation 97.70 5.1 71.5 (1.8)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Gulf International Services 60.00 5.4 1,631.2 (38.2)
Vodafone Qatar 13.95 4.0 1,202.0 (15.2)
Ezdan Holding Group 17.88 1.6 1,074.5 19.8
Barwa Real Estate Co. 43.50 3.3 996.8 3.8
Masraf Al Rayan 42.90 5.1 866.8 (2.9)
Market Indicators 27 Aug 15 26 Aug 15 %Chg.
Value Traded (QR mn) 485.6 386.9 25.5
Exch. Market Cap. (QR mn) 596,014.1 577,774.6 3.2
Volume (mn) 11.4 8.6 32.8
Number of Transactions 7,445 6,621 12.4
Companies Traded 42 41 2.4
Market Breadth 38:4 21:17 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,557.18 3.1 (0.4) (4.2) N/A
All Share Index 3,013.33 2.9 (0.6) (4.4) 12.4
Banks 3,039.69 3.9 0.9 (5.1) 13.4
Industrials 3,472.87 2.3 (3.2) (14.0) 12.2
Transportation 2,404.77 2.2 1.1 3.7 12.4
Real Estate 2,607.18 2.1 (2.1) 16.2 8.6
Insurance 4,642.23 2.0 2.1 17.3 21.9
Telecoms 954.04 4.2 (1.2) (35.8) 25.1
Consumer 6,765.49 2.7 (0.5) (2.1) 26.1
Al Rayan Islamic Index 4,349.59 2.4 (1.2) 6.1 12.7
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Aseer Trading Co. Saudi Arabia 22.05 9.9 1,242.5 (6.8)
Nat. Petrochemical Co. Saudi Arabia 20.35 9.8 1,213.6 (7.1)
DP World Ltd Dubai 21.20 8.7 560.5 1.0
Mouwasat Medical Ser. Saudi Arabia 131.27 8.5 98.7 6.3
Aramex Dubai 3.26 7.9 834.3 5.2
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Med. & Gulf Ins. Saudi Arabia 23.97 (7.0) 4,012.5 (52.1)
Nat. Mobile Telecomm. Kuwait 1.10 (5.2) 14.5 (21.4)
Tihama Adv. & Public Saudi Arabia 58.39 (3.9) 3,082.7 (35.5)
Kuwait Food Co. Kuwait 2.16 (3.6) 426.8 (22.9)
Herfy Food Ser. Co. Saudi Arabia 85.45 (2.8) 376.7 (12.1)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200
Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Gulf Warehousing Co 66.50 (2.1) 28.5 17.9
Qatar Industrial Manufact. Co. 44.50 (1.1) 31.1 2.7
Qatar National Cement Co. 102.90 (0.9) 53.5 (14.3)
Zad Holding Co. 92.50 (0.6) 0.6 10.1
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 60.00 5.4 97,124.0 (38.2)
Barwa Real Estate Co. 43.50 3.3 43,394.0 3.8
Commercial Bank 55.10 0.7 42,511.2 (11.5)
Masraf Al Rayan 42.90 5.1 36,508.8 (2.9)
QNB Group 176.80 5.6 31,185.8 (17.0)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded ($
mn)
Exchange Mkt. Cap.
($ mn)
P/E** P/B**
Dividend
Yield
Qatar 11,295.46 3.1 (0.4) (4.2) (8.1) 133.34 163,665.5 11.6 1.7 4.5
Dubai 3,648.45 4.0 (1.7) (11.9) (3.3) 262.09 94,597.4 11.7 1.1 7.1
Abu Dhabi 4,461.09 3.0 (1.1) (7.7) (1.5) 85.75 121,103.6 11.9 1.4 5.1
Saudi Arabia 7,604.32 3.0 (5.1) (16.4) (8.7) 2,130.89 455,305.3 16.0 1.8 3.5
Kuwait 5,876.51 1.1 (2.9) (6.0) (10.1) 62.15 90,059.7 14.7 1.0 4.4
Oman 5,816.80 0.6 (4.5) (11.3) (8.3) 11.06 23,790.2 10.6 1.4 4.4
Bahrain 1,302.29 (0.1) (1.3) (2.2) (8.7) 0.43 20,369.2 8.2 0.8 5.3
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)
10,900
11,000
11,100
11,200
11,300
11,400
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 3.1% to close at 11,295.5. The Telecoms and Banks &
Financial Services indices led the gains. The index rose on the back of
buying support from non-Qatari and GCC shareholders despite selling
pressure from Qatari shareholders.
 Medicare Group and QNB Group were the top gainers, rising 5.7% and
5.6%, respectively. Among the top losers, Gulf Warehousing Co. fell 2.1%,
while Qatar Industrial Manufacturing Co. declined 1.1%.
 Volume of shares traded on Thursday rose by 32.8% to 11.4mn from 8.6mn
on Wednesday. Further, as compared to the 30-day moving average of
5.1mn, volume for the day was 122.9% higher. Gulf International Services
and Vodafone Qatar were the most active stocks, contributing 14.4% and
10.6% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/27 US Bureau of Economic Analysis GDP Annualized QoQ 2Q2015 3.70% 3.20% 2.30%
08/27 US Bureau of Economic Analysis Personal Consumption 2Q2015 3.10% 3.10% 2.90%
08/27 US Bureau of Economic Analysis GDP Price Index 2Q2015 2.10% 2.00% 2.00%
08/27 US Bureau of Economic Analysis Core PCE QoQ 2Q2015 1.80% 1.80% 1.80%
08/27 US Bloomberg Bloomberg Consumer Comfort 23-August 42.0 – 41.1
08/27 US National Assoc. of Realtors Pending Home Sales NSA YoY July 7.20% 8.30% 11.10%
08/28 US Bureau of Economic Analysis Personal Income July 0.40% 0.40% 0.40%
08/28 US Bureau of Economic Analysis Personal Spending July 0.30% 0.40% 0.30%
08/27 EU European Central Bank M3 Money Supply YoY July 5.30% 4.90% 4.90%
08/27 EU European Central Bank M3 3-month average July 5.10% 5.00% 5.10%
08/28 EU European Commission Economic Confidence August 104.2 103.8 104.0
08/28 EU European Commission Business Climate Indicator August 0.2 0.3 0.4
08/27 France INSEE Business Confidence August 100.0 99.0 99.0
08/28 France INSEE PPI MoM July -0.10% – 0.10%
08/28 France INSEE PPI YoY July -1.60% – -1.80%
08/27 Germany Destatis Import Price Index MoM July -0.70% -0.30% -0.50%
08/27 Germany Destatis Import Price Index YoY July -1.70% -1.40% -1.40%
08/28 Germany Destatis CPI MoM August 0.00% -0.10% 0.20%
08/28 Germany Destatis CPI YoY August 0.20% 0.10% 0.20%
08/28 UK ONS GDP QoQ 2Q2015 0.70% 0.70% 0.70%
08/28 UK ONS GDP YoY 2Q2015 2.60% 2.60% 2.60%
08/28 UK ONS Exports QoQ 2Q2015 3.90% 2.00% 0.40%
08/28 UK ONS Imports QoQ 2Q2015 0.60% 0.60% 2.30%
08/28 UK ONS Total Business Investment QoQ 2Q2015 2.90% 1.50% 2.00%
08/28 UK ONS Total Business Investment YoY 2Q2015 5.00% 3.80% 5.70%
08/28 Spain INE Retail Sales SA YoY July 4.10% 2.70% 2.40%
08/28 Spain INE CPI EU Harmonised YoY August -0.50% -0.30% 0.00%
08/28 Spain INE CPI MoM August -0.30% -- -0.90%
08/28 Spain INE CPI YoY August -0.40% -0.10% 0.10%
08/28 Italy ISTAT Consumer Confidence Index August 109.0 107.0 106.7
08/28 Italy ISTAT Business Confidence August 102.5 103.6 103.5
08/28 Italy ISTAT Economic Sentiment August 103.7 – 104.3
08/28 Italy ISTAT Hourly Wages YoY July 1.20% – 1.10%
08/28 China National Bureau of Statistics Industrial Profits YoY July -2.90% – -0.30%
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 53.91% 57.40% (16,986,288.73)
GCC 7.36% 4.71% 12,845,428.28
Non-Qatari 38.73% 37.88% 4,140,860.45

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News
Qatar
 QNB Group: Qatar’s overall inflation set to bottom out in 2015 –
QNB Group (QNBK) has said that Qatar’s consumer price index
(CPI) inflation remained moderate in the first seven months of
2015. According to the Ministry of Development, Planning &
Statistics (MDPS), CPI inflation is estimated to have averaged 1.5%
in the year up to July compared with 3.1% in 2014. Inflation has
been lower in 2015 mainly due to lower domestic inflation as a
result of falling rents as well as lower foreign inflation owing to
declining international food prices. Foreign inflation has been
lower in 2015 as global food prices have been on a gradual
declining path since their peak in the summer of 2012. Prices in
the other components of foreign inflation (clothing & footwear,
furnishings & household equipment) also remained weak in the
first seven months of 2015. Weak international commodity prices
are likely to keep foreign inflation in check for the remainder of
2015. Going forward, QNBK forecasted overall inflation to bottom
out in 2015, before picking up in 2016-17. QNBK said overall
inflation will increase slightly in 2016-17 as population growth is
expected to pick up. Domestic inflationary pressures have been
weak despite strong population growth. This is mainly because
housing inflation (21.9% weight in the CPI) slowed. Inflation in
this component, which mainly consists of rents, slowed from an
estimated 4.6% YoY in January to 2.3% in July, despite strong
population growth. Strong supply of additional housing units
might be driving down rental costs. More supply of low-to-middle-
income housing is probably coming onto the market, which is
meeting the bulk of the demand from expatriates. Furthermore,
transportation inflation (14.6% weight in the CPI basket) slowed
to 3.2% YoY in July from an estimated 7.6% YoY in January 2015.
QNBK said that in June and July, inflation picked up slightly owing
primarily to the rebound in food prices due to seasonal Ramadan
effects. Food prices in Qatar tend to increase every year during
Ramadan and food inflation is, therefore, likely to moderate during
the remainder of 2015. (Gulf-Times.com)
 Fitch affirms Qatar at ‘AA', outlook stable; Emadi hails report –
Rating agency Fitch has affirmed Qatar’s long-term foreign and
local currency issuer default ratings (IDR) at ‘AA’ with a stable
outlook. The country ceiling has been affirmed at ‘AA+’ and the
short-term foreign currency IDR at ‘F1+’. The ‘AA’ rating reflects
Qatar’s strong net external sovereign assets and current efforts to
address the impact of lower oil prices on the fiscal balance. It also
factors in the dependence on hydrocarbons and a weak but
improving weak institutional framework. The oil price decline is
expected to lead to a drop of 29% in Qatar’s revenue in 2015.
Meanwhile, Minister of Finance HE Ali Shareef Al Emadi welcomed
the report and said the fact that Qatar remains highly rated by
Fitch and other rating agencies is a testimony to the strength of its
economy, its financial position and prudent policies adopted by the
government. He said that Qatar will continue to move ahead with
key development plans in health, education, and major
development projects, including those related to hosting the 2022
FIFA World Cup. He further added that the country will continue to
seek further efficiency across the public sector and achieve value
for money in the implementation of public sector projects and
initiatives. (Bloomberg, Peninsula Qatar)
 QCB to issue T-bills worth QR4bn on Sept 1 – The Qatar Central
Bank (QCB) will issue new three month treasury bills (T-bills)
worth Q2bn, along with six and nine month T-bills worth QR1bn
each on September 1, 2015. (QCB)
 MDPS: Qatar trade balance down 1.4% MoM in July 2015 –
According to a recent report by the Ministry of Development,
Planning and Statistics (MDPS), Qatar’s trade balance achieved a
surplus of QR14.3bn in July 2015, down 1.4% MoM and down
55.6% YoY. The exports for July were worth QR23.5bn, down
41.7% YoY and 1.1% MoM. Imports were up 13.5% MoM to
QR9.2mn. Petrol & Hydrocarbon exports were down by 40.5% to
QR15.6bn. Japan was the top exporter to Qatar, exporting products
worth QR4.3bn, while South Korea stood at the second place with
QR4bn. The two countries jointly represent 37.1% of Qatar’s total
imports. Cars, air planes and helicopters were Qatar’s biggest
imports. (Peninsula Qatar)
 QTA: Qatar’s hospitality sector continues to grow – The Qatar
Tourism Authority (QTA) in its 2015 mid-year tourism
performance summary showed that the country’s tourism
accommodation sector continued to develop and expand with the
opening of 11 new hotels at the start of 2015. According to the
QTA, these hotels (five 5-stars, one 4-star, and five 3-stars) added
around 1,400 new rooms to the hospitality sector, including high-
end resorts such as Marsa Malaz Kempinski and Banana Island
Resort by Anantara. As per the report, additional 13 properties
with around 2,500 rooms are expected to come online before the
end of 2015. Meanwhile, Marsa Malaz Kempinski GM Wissam
Suleiman said room rates at hotels and hotel apartments in Qatar
are likely to be lower due to the rising competition in the
hospitality industry. (Gulf-Times.com)
 QSE signs MoU with Borsa Istanbul – Borsa Istanbul and Qatar
Stock Exchange (QSE) have signed a MoU to improve their capital
markets through exchange of information on operations of
bourses and markets, and organize promotional events.
(Bloomberg)
 Kahramaa updates electronic database to issue certificates – Qatar
General Water & Electricity Corporation (Kahramaa) has upgraded
and updated its electronic database for water & electricity supplies
to ease the process of issuing subscribers, “To whom it may
concern” certificates electronically. Such certificates mostly specify
the location of the consumer’s accommodation according to their
Kahramaa connection number. Accordingly, the subscribers, both
locals and expatriates, could log on to the Kahramaa website at
km.qa or open the Kahramaa application on their smartphones for
the certificate. (Gulf-Times.com)
 ORDS’ new broadband gateway set to offer superior experience –
Ooredoo (ORDS) has launched two new services designed to
enhance Fiber customer’s online experience. For new Fiber
customers, ORDS is launching the SuperNet Fiber Wi-Fi Broadband
Gateway, a new device that uses the best-in-class Wi-Fi
performance to deliver better coverage, faster speeds and offer the
best Wi-Fi performance of any fixed carrier in Qatar. The new
Broadband Gateway supports over 40 simultaneous connections,
to satisfy even the most demanding of homes and employs the
latest 802.11ac Wi-Fi specifications. All new Fiber connections will
automatically be provided with the new device, which replaces
ORDS’s existing gateway device. ORDS will begin offering the new
Wi-Fi Broadband Gateways for new Fiber broadband and Mozaic
TV subscribers in coming weeks. (Gulf-Times.com)
 QA to reinstate Nagpur service from Dec 1 – Qatar Airways (QA)
will operate an A320 daily on the route between Doha and Nagpur
from December 1, 2015. The reinstated service will take the
airline’s total weekly passenger flights from 95 to 102 across 13
key cities in India. QA had previously served Nagpur from
September 2007 to May 2009. This highlights the importance of
QA’s ongoing expansion and commitment to the Indian market.
(Gulf-Times.com)
International
 US economy growth revised sharply higher in 2Q2015 – The US
economy grew faster than initially thought in 2Q2015 on solid
domestic demand, showing fairly strong momentum that could

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still allow the Federal Reserve to hike interest rates this year. The
Commerce Department said the GDP expanded at a 3.7% annual
pace instead of the 2.3% rate reported in July. Underscoring the
solid economic fundamentals, a measure of private domestic
demand that excludes trade, inventories and government
expenditures rose at a 3.3% rate in 2Q2015, instead of the
previously reported 2.5%. Consumer spending, which accounts for
more than two-thirds of US economic activity, grew at a 3.1% rate,
rather than the 2.9% pace reported in July. A strong labor market,
cheaper gasoline and relatively higher house prices are boosting
household wealth, helping to support consumer spending.
Meanwhile, US consumer confidence declined in August to a three-
month low as recent stock-market turbulence weighed on
Americans’ outlook for the US economy in the coming year. The
University of Michigan final consumer sentiment index had
dropped to 91.9 from 93.1 in July. A measure of prospects for the
economy over the next 12 months was the weakest since
November. (Reuters, Bloomberg)
 Moody’s slashes 2016 global growth forecasts – Credit rating firm
Moody’s cut its 2016 global economic growth forecasts on August
28, with China and the US both trimmed and Russia and Brazil
seen staying in recession. It was a surprise move from the firm,
coming just 10 days since its last forecasts. It put average growth
in the top-20 world economies at 2.8% on an average, versus the
3% it had forecasted previously. Moody’s lowered 2016 US growth
forecast to 2.6% from 2.8% saying the negative impact of the
stronger dollar seems more pronounced than assumed previously.
The rating agency kept its Eurozone forecast unchanged despite
the recent turbulence in Greece, at 1 and 2% in 2015 and 2016,
respectively. Moody’s said Brazil’s output would shrink as much as
1% in 2016 and Russia’s as much as 1.5%. China, Japan and
Korea’s growth also saw downgrades partly due to expectations of
more muted exports. Emerging markets Turkey and South Africa
had their forecasts reduced too. (Reuters)
 Eurozone economic confidence unexpectedly gains in August –
Eurozone economic confidence unexpectedly rose in August,
defying a slowdown in China and renewed political uncertainty in
Greece. The European Commission said an index of executive and
consumer confidence increased to 104.2 in August from 104 in
July. Sentiment among consumers improved to minus 6.9 from
minus 7.2, whereas confidence in the services sector increased to
10.2 from 8.9. However, the industrial confidence in the region
weakened to minus 3.7 from minus 2.9. A business-climate
indicator dropped to 0.21 in August from a revised 0.41 in July.
The report follows a roller-coaster week for global markets on
concerns that China’s slowdown is deepening. While Chinese
authorities have taken steps to stimulate the economy, cutting
interest rates five times in 10 months and devaluing the yuan,
questions remain over whether China is heading for a hard landing
after decades of surging growth. (Bloomberg)
 UK exports drive economic growth in 2Q2015 – According to a
report released by the Office for National Statistics (ONS), UK
exports picked up in 2Q2015, helping trade contribute to the
economic expansion by the most in four years. Exports rose 3.9%
from 1Q2015, while imports gained just 0.6%. The GDP increased
0.7% during the same period, including a 1 percentage-point
addition from net trade. The report also showed that consumer
spending growth eased slightly to 0.7% and the pace of
government expenditure held at 0.9%. Business investment
increased 2.9% QoQ, the most in a year, and was up 5% YoY.
Overall UK growth continues to be led by services, the largest part
of the economy, which expanded 0.7%, the same as the ONS’s
previous estimate. The production growth was revised down to
0.7% from 1%. Britain’s strengthening economy and accelerating
wage growth are pushing the Bank of England policy makers
closer to their first interest-rate increase from the current record
low. (Bloomberg)
 Japan inflation stalls, household spending slides in July – Japan’s
consumer inflation ground to a halt for the first time in more than
two years and household spending unexpectedly fell in July,
heightening pressure on policy makers to offer fresh fiscal and
monetary support to underpin a fragile recovery. The core
consumer price index (CPI), which includes oil products but
excludes volatile fresh food prices, was unchanged YoY in July.
That was the slowest pace of growth since May 2013, with sharp
declines in oil offsetting price rises for a growing number of items
like hotel rooms and television sets. Further, household spending
fell 0.2% in the year to July, confounding forecasts for a 1.3% rise
and reinforcing concerns on the strength of Japan’s recovery. The
gloomy data, coupled with soft exports blamed on China’s
slowdown, reinforces the dominant market view that any rebound
in growth from a contraction in April-June will be modest.
(Reuters)
 China increases margin requirements on stock-index futures– China
increased the margin requirements on stock-index futures
contracts to 30% and narrowed the number of contracts that
traders can open before they are considered “abnormal trading.”
According to the website of China’s Financial Futures Exchange,
the nation’s margin requirements on stock-index futures currently
stand at 20%. Zhang Xiaojun, a spokesman for the China Securities
Regulatory Commission, said opening more than 100 contracts on
a single index-futures product on the CSI 300, SSE 50 and CSI 500
indexes will be defined as “abnormal trading” from August 31.
Previously, opening more than 600 new contracts met that
designation. The increase is the latest effort by the government to
crack down on suspected market manipulation after a recent
equity rout wiped out $5tn. Last week, the securities regulator said
it will penalize major shareholders at publicly traded companies
for violating rules that limit stake sales. (Bloomberg)
 Brazil’s economy shrinks more than forecasts in 2Q2015 – Brazil’s
economy contracted more than analysts forecast in 2Q2015, as
tighter monetary policy and faster inflation torpedoed confidence
and caused activity to nosedive. According to the national statistics
agency, the GDP contracted 1.9% QoQ in 2Q2015, the biggest
contraction in more than six years, and worse than the median
estimate of a 1.7% fall. Family spending dropped 2.1% QoQ, while
investment tumbled 8.1% – the eighth straight quarter of
contraction. On the economy’s supply side, the industry contracted
4.3% and services declined 0.7%. On a YoY basis, the GDP fell
2.6%. Latin America’s largest economy is suffering from multiple
woes: borrowing costs at their highest since 2006, inflation at
more than double the target, rising unemployment, a crumbling
currency and a corruption scandal that could unseat President
Dilma Rousseff. (Bloomberg)
Regional
 IFC to meet investors on Sukuk issue – The World Bank unit,
International Finance Corp. (IFC), is planning to meet fixed income
investors ahead of a potential issue of US dollar-denominated
Sukuk. IFC has picked Dubai Islamic Bank, HSBC, National Bank of
Abu Dhabi and Standard Chartered Bank to arrange investor
meetings, which will be held in the Middle East, with a possible
Sukuk issue to follow subject to market conditions. The Sukuk will
be listed on Nasdaq Dubai and an application will also be made for
a subsequent listing on the London Stock Exchange. (Reuters)
 Jarir Marketing opens new showroom in Abu Dhabi – Jarir
Bookstore, a retail chain operated by Jarir Marketing Company,
has opened a new showroom in Abu Dhabi, taking the number of
its showrooms to two in Abu Dhabi and 39 in Saudi Arabia and
GCC countries. The new showroom is located on Corniche Road at

5. Page 5 of 7
Nation Galleria Mall, the total area of 3,600 sqm, and it contains all
of the known products for Jarir Bookstore. Investing in this
location had cost over SR15mn, and it is expected to increase sales
& profits of the company, which will affect the financial state of
3Q2015. (Tadawul)
 SAMA: Saudi foreign reserves fall slows in July 2015 after bond sale
– According to the Saudi Arabian Monetary Agency (SAMA), the
fall in Saudi Arabia’s foreign reserves slowed in July 2015 after the
government began issuing domestic debt to cover part of a budget
deficit created by low oil prices. Saudi Arabia has been drawing
down its reserves to cover the deficit. Net foreign assets at SAMA,
which acts as the Kingdom’s sovereign wealth fund, have been
sliding since they reached a $737bn peak in August 2014. As per
the report, net foreign assets shrank only 0.5% to SR2.48tn in July
2015 as compared to June 2015, their lowest level since early
2013. They had dropped 1.2% MoM in June 2015 and at faster
rates earlier in 2015. In July 2015, the government began selling
bonds for the first time since 2007, placing SR15bn of debt with
quasi-sovereign funds, while in August it sold SR20bn of bonds to
banks. The domestic debt sales appear to have reduced the need
for the government to cover its deficit by drawing down foreign
assets. Securities shrank 3.6% MoM in July 2015, while deposits
expanded 9.6% to their highest level in 2015. (Reuters)
 RAK FTZ targets new markets to increase investments – RAK Free
Trade Zone (RAK FTZ) is planning to attract more investment,
especially from Europe, Asia, America and Australia. The FTZ
announced a rise in the number of registered companies to 8,000
in 2015 as compared to 7,500 companies in 2014. RAK FTZ
Executive Director Ramy Jallad said the authority has focused on
attracting foreign investment from the Middle East, Europe, and
South Asia. (GulfBase.com)
 UAE cuts Sept 2015 petrol prices as global oil falls – The UAE cut
petrol and diesel prices between 8% and 9% for September 2015.
The decline in retail gasoline partially rolled back an increase in
August 2015, the first month in which the government eliminated
subsidies and allowed pump prices to fluctuate according to global
markets. The UAE is the first among Gulf countries to eliminate
fuel subsidies as falling oil prices erode government income.
According to data posted on the energy ministry website,
motorists will pay 8.4% less for 95-octane gasoline in September
2015 than they did August 2015. The six-nation GCC has discussed
efforts to align fuel prices, though none of the other members has
yet moved to allow fuel prices to follow the market.
(Gulftimes.com)
 OSN signs $400mn five-year loan – According to sources, Dubai-
based pay-TV company OSN has signed a $400mn five-year loan.
The facility is split into two parts – a $255mn term loan and a
$145mn revolving credit facility. The term loan has an amortizing
structure, which means the principal of the facility is paid down
during its lifetime, as opposed to the borrower only servicing the
interest payments and paying the full amount off at the end. OSN
will use the cash for general business purposes and to refinance
existing debt. The amortizing starts on March 31, 2016. The banks
backing the transaction are Barclays, Mashreq, BNP Paribas,
Citigroup, HSBC, National Bank of Kuwait, Societe Generale, First
Gulf Bank, Commercial Bank of Dubai, Credit Suisse and JPMorgan.
(Reuters)
 ADIB offers rights issue through internet, mobile banking – Abu
Dhabi Islamic Bank (ADIB) has started offering rights holders, who
are also its customers, the ability to subscribe to its rights issue
through the ADIB internet banking portal and the ADIB mobile
banking smartphone application. The subscription period will run
until September 10, 2015, during which all holders of rights, as at
the end of the rights trading period on September 3, 2015, will be
able to subscribe to new and additional shares at a price of AED3
per share. The holders of rights will also have the option to
subscribe to additional shares in excess of the number of rights
that they hold, which will be allocated in the event that
unsubscribed shares remain at the end of the subscription period.
The rights, for ADIB’s AED504mn rights issue, will continue to be
traded on the Abu Dhabi Securities Exchange until September 3,
2015. (GulfBase.com)
 ADIA handled 2.1mn passengers in July 2015 – The Abu Dhabi
International Airport (ADIA) set a new record by handling 2.1mn
passengers in July 2015, reflecting an increase of 23.3% YoY,
taking the average daily number of passengers to over 60,000.
Within these numbers, 1.11mn passengers departed from ADIA in
July, the first time this has happened in a single month. Aircraft
movements reached 15,059, representing a 14.2% increase over
the 13,188 reported in July 2014. Cargo activity was also on the
rise in July 2015, recording 68,888 metric tons handled, indicating
a 2.1% YoY increase. Etihad cargo, which represents 91.5% of the
airport total cargo, grew by 3%. (Bloomberg)
 Saipem bags two contracts for Al-Zour NRP – Saipem has received
award notification by the Kuwait National Petroleum Corporation
(KNPC) for Package 4 and Package 5 of the Al-Zour New Refinery
Project (NRP) for a total amount of around $1.3bn. Al-Zour NRP is
located 90 km south of Kuwait City and will be one of the largest
oil-refining plants in the world, with a refining output capacity of
615,000 barrels per day (bpd). The NRP has been divided into five
major EPC packages. Package 4, for which Saipem has received
award notification in joint venture (JV) with Essar Projects
Limited, consists of engineering, procurement, construction, pre-
commissioning and assistance during commissioning/start-
up/performance testing for the tankages, related road works,
buildings, pipe racks, pipelines, water systems and control systems
for the Al-Zour refinery. Package 4 will be completed by the
beginning of 2019. Package 5, for which Saipem has received
award notification in JV with Hyundai Engineering & Construction
and SK Engineering & Construction, consists of the offshore
maritime export facilities for the Al-Zour NRP. (Bloomberg)
 ACWA, Mitsui group secures $630mn financing for Oman power
plant – A consortium, including ACWA Power and Japan-based
Mitsui & Company, has secured financing for the $630mn Salalah 2
power scheme in Oman. The pair, along with Dhofar International
Development and Investment Holding Company (DIDI), won the
contract in March 2015 to construct a 445 megawatts (MW) gas-
fired power plant at Raysut in the southwest of Oman. Under the
proposal, the consortium will also acquire Dhofar Generating
Company, which owns and operates an existing 273 MW gas-fired
plant. Banks supporting the loan were Standard Chartered,
Sumitomo Mitsui Trust Bank, KfW IPEX-Bank, Sumitomo Mitsui
Banking Corp, Mizuho, Bank Muscat and Bank Dhofar. ACWA and
Mitsui will each take a 45% stake in the project, while DIDI will
hold the remaining 10%. The consortium will sell electricity to
Oman under a 15-year agreement. The new plant is due to be
operational in January 2018. (Reuters)
 Bank Nizwa remains open to M&A options – Bank Nizwa CEO Jamil
Al Jaroudi has said that the bank is open to potential mergers or
acquisitions, despite withdrawing from a proposed tie-up with
United Finance Company. Several financial services companies are
in talks about possible merger and acquisition in Oman,
encouraged by a financial regulator keen to limit the number of
lenders in a country, where around 18 banks serve a population of
4mn. (Reuters)
 Oman committed to currency peg despite cheap oil – Central Bank
of Oman (CBO) Executive President Hamood Sangour Al Zadjali
has said that Oman is committed to maintaining the peg of its

6. Page 6 of 7
currency against the US dollar despite the drop in oil prices.
Devaluing the Omani Riyal could aid state finances by increasing
the local currency value of oil exports. However, it would also raise
the cost of many imports, on which Oman depends, and could
shake investor confidence, so economists do not think the
authorities will abandon the peg. (Reuters)
 Orpic Sohar refinery project achieves safety milestone – Oman Oil
Refineries & Petroleum Industries Company (Orpic) has achieved
15mn man-hours without lost time due to injury at its Sohar
refinery improvement project, with over 6,500 people on site,
working to a 2016 completion date. (GulfBase.com)
 DNO International exits Oman Blocks 30 and 31 – DNO
International, a Norwegian oil & gas operator, has confirmed that
it has pulled out of two oil and gas blocks in Oman. DNO, in its
2Q2015 earnings report, said that it had withdrawn from Block 30
and Block 31 in northwestern part of Oman. With its departure
from the two concessions, DNO has seen its portfolio of Omani
hydrocarbon assets shrink to two blocks: Block 8 offshore Oman,
and Block 36 onshore Oman. (GulfBase.com)
 OTTCO launches floating storage facility in Oman – Oman Tank
Terminal Company (OTTCO), a subsidiary of Oman Oil Company
(OOC), has launched a new floating storage facility with a 2.1mn
barrel capacity at Mina Al Fahal for global customers of Oman
Export Blend. China Oil, Glencore and Oman Trading International
(OTI) have won bids for access to the facility on board a very large
crude carrier (VLCC), which will be provided and operated by
Oman Shipping Company (OSC). The facility has been developed in
partnership with OSC, Petroleum Development Oman (PDO) and
the Dubai Mercantile Exchange (DME). (TimesofOman)

7. Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@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
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Page 7 of 7
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
Aug-11 Aug-12 Aug-13 Aug-14 Aug-15
QSE Index S&P Pan Arab S&P GCC
3.0% 3.1%
1.1%
(0.1%)
0.6%
3.0%
4.0%
(2.0%)
0.0%
2.0%
4.0%
6.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,133.55 0.8 (2.4) (4.3) MSCI World Index 1,658.07 0.5 0.4 (3.0)
Silver/Ounce 14.60 0.8 (4.7) (7.0) DJ Industrial 16,643.01 (0.1) 1.1 (6.6)
Crude Oil (Brent)/Barrel (FM
Future)
50.05 5.2 10.1 (12.7) S&P 500 1,988.87 0.1 0.9 (3.4)
Crude Oil (WTI)/Barrel (FM
Future)
45.22 6.3 11.8 (15.1) NASDAQ 100 4,828.33 0.3 2.6 1.9
Natural Gas (Henry
Hub)/MMBtu
2.66 (1.0) (1.5) (11.3) STOXX 600 363.28 (0.2) (1.0) (2.0)
LPG Propane (Arab Gulf)/Ton 40.75 11.6 10.1 (16.8) DAX 10,298.53 (0.6) 0.1 (3.4)
LPG Butane (Arab Gulf)/Ton 51.00 6.3 4.3 (22.1) FTSE 100 6,247.94 0.8 (1.1) (6.0)
Euro 1.12 (0.5) (1.8) (7.5) CAC 40 4,675.13 (0.1) (0.6) 1.1
Yen 121.71 0.6 (0.3) 1.6 Nikkei 19,136.32 2.9 (1.2) 7.9
GBP 1.54 (0.1) (1.9) (1.2) MSCI EM 820.25 0.9 1.0 (14.2)
CHF 1.04 0.4 (1.7) 3.3 SHANGHAI SE Composite 3,232.35 5.1 (7.9) (2.9)
AUD 0.72 0.1 (2.0) (12.3) HANG SENG 21,612.39 (1.0) (3.5) (8.4)
USD Index 96.11 0.5 1.2 6.5 BSE SENSEX 26,392.38 0.3 (3.6) (8.4)
RUB 65.21 (1.0) (5.7) 7.4 Bovespa 47,153.87 (2.3) 0.6 (30.4)
BRL 0.28 (0.7) (2.2) (26.0) RTS 829.95 3.1 8.9 5.0
135.1
108.7
104.4