Qatar stock exchange

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QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 1.3% to close at 11,415.1. Losses were led by the Telecoms and
Real Estate indices, falling 3.7% and 2.0%, respectively. Top losers were Ooredoo and
Islamic Holding Group, falling 4.9% and 2.8%, respectively. Among the top gainers, Qatar
Islamic Insurance Co. gained 3.2%, while Zad Holding Co. was up 3.1%.
GCC Commentary
Saudi Arabia: The TASI Index fell 1.1% to close at 7,438.4. Losses were led by the Media
& Pub. and Transport indices, falling 4.3% and 3.7%, respectively. Tihama Adv. & Public
Relations fell 9.9%, while National Agri. Marketing was down 9.8%.
Dubai: The DFM Index declined 2.1% to close at 3,584.6. The Services index fell 4.7%,
while the Real Estate & Construction index declined 3.0%. Dar Al Takaful fell 7.0%,
while Gulf General investment Co. was down 6.7%.
Abu Dhabi: The ADX benchmark index fell 2.6% to close at 4,375.2. The Real Estate
index declined 4.5%, while the Banks index fell 3.1%. National Corp. for Tourism &
Hotels and Abu Dhabi National Insurance Co. were down 10.0% each.
Kuwait: The KSE Index declined 0.4% to close at 5,797.8. The Oil & Gas index fell 1.4%,
while the Insurance index declined 0.7%. Ikarus Petroleum Industries Co. fell 8.9%,
while Kuwait Cement Co. was down 6.5%.
Oman: The MSM Index fell 1.1% to close at 5,804.8. Losses were led by the Financial
and Services indices, falling 1.2% and 0.6%, respectively. Ahli Bank fell 4.5%, while
Oman Telecommunication was down 3.5%.
Bahrain: The BHB Index declined marginally to close at 1,299.0. The Investment and
Commercial Banks indices fell 0.1% each. Khaleeji Commercial Bank declined 1.6%,
while Al Baraka Banking Group was down 0.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Islamic Insurance Co. 78.00 3.2 1.1 (1.3)
Zad Holding Co. 95.40 3.1 0.1 13.6
Doha Insurance Co. 24.75 2.3 4.9 (14.7)
QNB Group 182.00 1.7 321.7 (14.5)
Widam Food Co. 54.00 1.1 4.4 (10.6)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 18.49 (2.6) 2,661.2 23.9
Commercial Bank 55.90 (2.6) 942.2 (10.2)
Barwa Real Estate Co. 43.70 (0.7) 914.1 4.3
Gulf International Services 59.00 (1.7) 833.5 (39.2)
Vodafone Qatar 14.01 (1.0) 625.6 (14.8)
Market Indicators 1 Sep 15 31 Aug 15 %Chg.
Value Traded (QR mn) 407.7 981.6 (58.5)
Exch. Market Cap. (QR mn) 602,910.6 608,076.8 (0.8)
Volume (mn) 9.2 25.7 (64.4)
Number of Transactions 5,417 7,039 (23.0)
Companies Traded 41 43 (4.7)
Market Breadth 9:31 15:22 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,743.12 (1.3) 1.1 (3.2) N/A
All Share Index 3,041.41 (1.0) 0.9 (3.5) 12.5
Banks 3,076.60 (0.2) 1.2 (4.0) 13.6
Industrials 3,526.53 (1.1) 1.5 (12.7) 12.4
Transportation 2,352.19 (1.2) (2.2) 1.5 12.1
Real Estate 2,653.88 (2.0) 1.8 18.2 8.8
Insurance 4,635.64 (1.7) (0.1) 17.1 21.8
Telecoms 928.40 (3.7) (2.7) (37.5) 24.5
Consumer 6,821.25 (0.5) 0.8 (1.2) 26.3
Al Rayan Islamic Index 4,378.17 (1.0) 0.7 6.7 12.8
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Nat. Petrochemical Co. Saudi Arabia 20.66 3.8 1,206.2 (5.7)
Kuwait Food Co. Kuwait 2.22 3.7 721.9 (20.7)
Jazeera Airways Co. Kuwait 0.46 2.2 26.4 3.4
Saudia Dairy & Food. Saudi Arabia 131.99 2.1 58.5 11.0
Almarai Co. Saudi Arabia 85.74 2.1 190.0 11.8
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Ins. Abu Dhabi 3.16 (10.0) 43.0 (47.8)
Tihama Adv. & Public Saudi Arabia 42.80 (9.9) 123.2 (52.7)
Nat. Bank of Abu Dhabi Abu Dhabi 9.62 (7.5) 518.8 (24.4)
Kuwait Cement Co. Kuwait 0.36 (6.5) 2.0 (10.0)
Saudi Fisheries Saudi Arabia 15.03 (5.2) 2,469.9 (45.5)
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%
Ooredoo 66.10 (4.9) 170.2 (46.7)
Islamic Holding Group 113.10 (2.8) 20.4 (9.2)
Doha Bank 51.50 (2.6) 126.2 (9.6)
Ezdan Holding Group 18.49 (2.6) 2,661.2 23.9
Commercial Bank 55.90 (2.6) 942.2 (10.2)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 182.00 1.7 58,265.7 (14.5)
Commercial Bank 55.90 (2.6) 52,942.9 (10.2)
Gulf International Services 59.00 (1.7) 49,903.6 (39.2)
Ezdan Holding Group 18.49 (2.6) 49,614.9 23.9
Barwa Real Estate Co. 43.70 (0.7) 40,181.2 4.3
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 11,415.09 (1.3) 1.1 (1.3) (7.1) 111.99 165,619.5 11.7 1.7 4.4
Dubai 3,584.59 (2.1) (1.8) (2.1) (5.0) 125.93 93,270.6 11.5 1.1 7.3
Abu Dhabi 4,375.24 (2.6) (1.9) (2.6) (3.4) 63.13 118,420.0 11.7 1.3 5.2
Saudi Arabia 7,438.43 (1.1) (2.2) (1.1) (10.7) 1,375.71 446,847.4 15.6 1.7 3.6
Kuwait 5,797.77 (0.4) (1.3) (0.4) (11.3) 41.28 88,936.6 15.0 1.0 4.4
Oman 5,804.81 (1.1) (0.2) (1.1) (8.5) 9.83 23,529.2 10.6 1.4 4.4
Bahrain 1,299.01 (0.0) (0.3) (0.0) (8.9) 0.34 20,318.0 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)
11,400
11,450
11,500
11,550
11,600
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 1.3% to close at 11,415.1. The Telecoms and Real
Estate indices led the losses. The index fell on the back of selling pressure
from Qatari and GCC shareholders despite buying support from non-Qatari
shareholders.
 Ooredoo and Islamic Holding Group were the top losers, falling 4.9% and
2.8%, respectively. Among the top gainers, Qatar Islamic Insurance Co.
gained 3.2%, while Zad Holding Co. was up 3.1%.
 Volume of shares traded on Tuesday fell by 64.4% to 9.2mn from 25.7mn
on Monday. However, as compared to the 30-day moving average of 6.0mn,
volume for the day was 52.2% higher. Ezdan Holding Group and
Commercial Bank were the most active stocks, contributing 29.0% and
10.3% 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
09/01 US Census Bureau Construction Spending MoM July 0.70% 0.60% 0.70%
09/01 US Bloomberg IBD/TIPP Economic Optimism September 42.0 47.1 46.9
09/01 EU Eurostat Unemployment Rate July 10.90% 11.10% 11.10%
09/01 Germany Deutsche Bundesbank Unemployment Change (000's) August -7K -4K 9K
09/01 Germany Deutsche Bundesbank Unemployment Claims Rate SA August 6.40% 6.40% 6.40%
09/01 UK Bank of England Net Consumer Credit Jul 1.2B 1.2B 1.2B
09/01 UK Bank of England Net Lending Sec. on Dwellings July 2.7B 2.7B 2.6B
09/01 UK Bank of England Mortgage Approvals July 68.8K 68.1K 67.1K
09/01 UK Bank of England Money Supply M4 MoM July 1.00% – -0.50%
09/01 UK Bank of England M4 Money Supply YoY July 0.60% – -0.30%
09/01 UK Bank of England M4 Ex IOFCs 3M Annualized July 3.70% – 3.90%
09/01 UK Markit Markit UK PMI Manufacturing SA August 51.5 52.0 51.9
09/01 Spain Markit Markit Spain Manufacturing PMI August 53.2 53.6 53.6
09/01 Italy Markit Markit/ADACI Italy Manufacturing PMI August 53.8 55.0 55.3
09/01 Italy ISTAT Unemployment Rate Quarterly 2Q2015 12.40% 12.50% 12.30%
09/01 Italy Italian Treasury Budget Balance August -7.8B – -2.2B
09/01 China China Federation of Logistics Manufacturing PMI August 49.7 49.7 50.0
09/01 China China Federation of Logistics Non-manufacturing PMI August 53.4 – 53.9
09/01 China Markit Caixin China PMI Composite August 48.8 – 50.2
09/01 China Markit Caixin China PMI Services August 51.5 – 53.8
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 42.50% 48.33% (23,765,892.18)
GCC 5.16% 14.28% (37,191,875.43)
Non-Qatari 52.35% 37.40% 60,957,767.61

3. Page 3 of 6
News
Qatar
 QCB auctions T-bills worth QR4bn on September 1 – The Qatar
Central Bank (QCB) has auctioned treasury bills worth QR4bn on
September 1, 2015 for which it received bids totaling QR7.05bn. T-
bills worth QR2bn with a three-month maturity period were
auctioned at a yield of 0.85%. T-bills worth QR1bn with a six-
month maturity period were sold at a yield of 0.87%, while T-bills
worth QR1bn with a nine-month maturity period were auctioned
at a yield of 0.96%. (QCB)
 QSE suspends trading of QGTS shares on September 2 – The Qatar
Stock Exchange (QSE) has announced trading suspension of Qatar
Gas Transport Company’s (QGTS) shares on September 2, 2015
due to the company’s EGM being held during the day. (QSE)
 Qatar to finish work on first World Cup venue by 2016 – According
to the Project Manager, Mansoor Saleh Al-Muhannadi, Qatar will
complete work on the first venue for the 2022 FIFA World Cup by
2016. It is also the venue for the 2019 World Athletics
Championships, the first time that the games will be held in the
Middle East. The 40,000-seater Khalifa International Stadium is
scheduled to host group stage, round of 16 and quarter-final
matches during the 2022 FIFA World Cup. The Khalifa Stadium,
located in the west of Doha, was originally built in 1976 as a
20,000-seater Stadium but is undergoing major renovation for
2022. (Gulf-Times.com)
 QDB: Innovation key to diversifying Qatar economy – Qatar
Development Bank’s (QDB) Capability Development Manager,
Ibrahim Abdulaziz al-Mannai said as falling oil prices continue to
impact global economies, innovative non-hydrocarbon businesses
play a significant role in diversifying Qatar’s economy. Al-Mannai
said developing a culture of entrepreneurship and expanding
Qatar’s small and medium-sized enterprise (SME) sector could
help lessen the country’s dependence on the oil & gas industry. Al-
Mannai further added that due to the recent drop in oil prices,
anything innovative in the fields of IT, ICT, environment,
renewable energies could become successful businesses and will
help diversify the country’s economy. These sectors are grounds
for entrepreneurs to build their businesses in Qatar. Meanwhile,
QDB has launched the fourth edition of the “Al-Fikra” competition
for start-ups, in collaboration with a host of sponsors and partners.
The competition aims at nurturing Qatari entrepreneurs’ talent by
mentoring their innovative businesses, which will contribute to
the QDB’s economic diversification targets. The competition will
take place for three months, from September till the third week of
November 2015. (Gulf-Times.com, Peninsula Qatar)
 MEC, Manateq sign QR856mn deal with Galfar Al Misnad for
Wakrah Logistic Services Area works – The Logistic Committee at
the Ministry of Economy & Commerce (MEC) and the Economic
Zones Company (Manateq) have signed a contract worth
QR856mn with Galfar Al Misnad Engineering & Contracting to
implement infrastructure works associated with the Al Wakrah
Logistic Services Area. The project covers a total area of 6.6 square
kilometers (sq km) and currently the first phase is being
developed on 3.5 sq km, to be leased to investors. MEC said that
the infrastructure works are scheduled to be completed within 24
months of signing the contract. (Gulf-Times.com)
 MEC to exempt some commercial shops from civil defense
certificate – Al Sharq has reported that the Ministry of Economy &
Commerce (MEC) has signed an agreement with the Civil Defense
Department to exempt some commercial shops which have license
from the civil defense certificate. Around 55 commercial activities
will be exempted from issuing civil defense certificates. The list
includes sun & medical glasses shops, building material shops,
sweets shops, cafeterias, livestock sale barns and men's &
women's salons. (Peninsula Qatar)
 Ministry sets November 3 deadline to implement online wage
system – The Ministry of Labor and Social Affairs, responsible for
implementing and supervising the new payment mode, has given
private companies time until November 3 to comply with the
mandatory online payment system for low-paid workers. The
Ministry has urged all private companies to abide. Any failure by
companies to abide by the rule would make them liable for
punishment, including denial of work visas and refusal to endorse
worker’s job contracts. The Ministry said it will stop all
transactions with non-complying entities unless they mend their
ways and rectify their situation. The new system, called the Wage
Protection System (WPS), will apply to all private companies—as
all of them are covered by the labor law, number 14 of 2004. The
Ministry said it would closely monitor the WPS in coordination
with the banking regulator, Qatar Central Bank (QCB). (Peninsula
Qatar)
International
 US manufacturing expands at slowest pace in August since May
2013 – Manufacturing in the US expanded in August at the slowest
pace since May 2013 as anemic demand from emerging markets
such as China translated into leaner factory order books. The
Institute for Supply Management’s index fell to 51.1 from 52.7 in
July. The dollar’s ascent, which has accelerated since the middle of
last year, is making it tougher for US producers to drum up
overseas sales, prompting plants to slow hiring and production. A
measure of exports matched the weakest reading since April 2009.
The ISM group’s new orders gauge dropped to a more than two-
year low of 51.7 from 56.5 in July. The report also showed the
slowest rate of production growth since February 2014 as
factories work off inventories, which shrank for a second month.
The weak data surface ahead of the Federal Reserve’s September
policy meeting in which they will debate whether the US is strong
enough to withstand an increase in interest rates in the face of
fragile overseas economies. (Bloomberg)
 QNBK: GCC growth to remain strong despite lower commodity
prices – QNB Group (QNBK), in its “economic outlook,” said that
growth in the GCC region is expected to remain strong despite
lower commodity prices. QNBK maintains its “overall positive
outlook” for the region, with a growth forecast of 4-4.5% for 2015-
16. QNBK said the US economy looked very much on track. The
2Q2015 GDP is expected to be revised up to 3.2% and activity data
were indicating above-trend growth in 3Q2015. The 2Q2015 GDP
in the Eurozone was slightly weaker than expected (0.3% QoQ),
but composite Purchasing Managers’ Index (PMI) was still
showing expansions in July and August 2015. QNBK expects the
Eurozone to grow by 1-1.5% in 2015-16. China has slowed down
significantly in July and August 2015. Growth in retail sales
(10.5%) and industrial production (6%) fell in July 2015. Exports
dropped by a much larger than expected 8.3% in July 2015. On
emerging markets, QNBK said lower commodity prices and
financial market turmoil are rattling EMs. China’s surprise
devaluation resulted in capital flight into safe havens. This led to
the depreciation of the currencies of commodity-rich countries
such as Indonesia, South Africa and Latin American nations, and
countries with large trade exposure to China such as Taiwan,
Thailand and South Korea. Vietnam followed China’s steps by
devaluing its currency, and lower oil prices forced Kazakhstan to
abandon its peg to the US dollar. Overall, QNBK expect EMs to
grow by 3.5-4% in 2015-16. (Gulf-Times.com)
 JP Morgan/Markit: Global factory growth weakens in August –
According to a business survey conducted by JP Morgan/Markit,

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the global factory activity expanded at its weakest pace in just over
two years in August, even though discounted prices did drive a
modest upturn in new orders. JPMorgan's Global Manufacturing
purchasing managers’ index (PMI), produced with Markit, sank in
August to its lowest reading since July 2013, coming in at 50.7 as
compared to 51.0 in July 2015. August was the 33rd month the
index has been above the 50 level that separates growth from
contraction. But a sub-index measuring prices charged held below
50, registering 49.7, only slightly above July’s 49.5. The global PMI
combines survey data from countries including the US, Japan,
Germany, France, Britain, China and Russia. (Reuters)
 Canada contracts in 2Q2015 on oil shock – Canada’s economy
shrank again in 2Q2015 as plunging oil prices triggered a drop in
investment, with fresh debate about a recession dealing a blow to
Prime Minister Stephen Harper’s bid for re-election. Statistics
Canada reported that the GDP declined at a 0.5% annualized pace
from April to June. The agency revised the 1Q2015 contraction to
0.8% from 0.6%. On a monthly basis, Canada’s GDP rose 0.5% in
June, the fastest since May 2014, led by the mining, quarrying and
oil & gas extraction category. Economists predicted an expansion
of 0.2%. Business investments fell by 7.9% in 2Q2015 after a
10.9% decline in 1Q2015, partly because of a drop in mineral
exploration. The GDP was also curbed as companies slowed their
investment in inventories to C$7.1bn from C$12bn. The
consecutive output declines, a so-called technical recession, are
expected to shift into a slow expansion over the rest of the year,
giving the Bank of Canada Governor Stephen Poloz scope to avoid
cutting rates on September 9. (Bloomberg)
 Eurozone factory growth eases in August, unemployment drops in
July – Eurozone manufacturing growth eased in August, despite
factories barely raising prices, adding to the European Central
Bank's woes as it battles to spur expansion and inflation. Markit’s
final manufacturing purchasing managers’ index stood at 52.3 in
August, below an earlier flash reading that suggested it had held
steady at July’s 52.4. An index measuring output rose to 53.9 from
53.6, above the preliminary reading of 53.8. Meanwhile,
unemployment in the Eurozone unexpectedly declined to its
lowest level in more than 3 years, signaling the region’s recovery is
gaining pace even as dark clouds from China draw on the horizon.
The European Union’s statistics office said the seasonally adjusted
unemployment rate for the 19-nation region dropped to 10.9% in
July from 11.1% in June, the lowest since February 2012. While the
drop in unemployment adds to signs that the Eurozone is on the
mend, China’s economic slowdown and downside risks to inflation
due to a slump in the oil price may dampen the outlook. (Reuters,
Bloomberg)
 China to relax requirements for fixed-asset investments – China’s
cabinet, in a statement published on its website, said it will relax
requirements for fixed-asset investments, including lowering
minimum capital requirements, as the economy showed further
signs of weakness. China would also establish a $9.4bn national
small and medium-enterprise development fund. The cabinet said
the minimum capital ratio requirements for airports, ports, and
coastal and water transport will be cut to 25% from 30%.
Requirements for railways, highways and urban rail will drop to
20% from 25%. Corn deep processing requirements will fall to
20% from 30%. Industries with excess capacity, such as steel,
cement, electrolytic aluminum and coke, will continue to stick to
existing requirements of 30% to 40%. The move comes as China’s
economy sputters after decades of double-digit growth and stock
markets remain volatile after routs this summer. Meanwhile, the
China Securities Journal reported that nine Chinese brokerages
have pledged additional funds worth over $4.71bn to buy shares,
answering fresh government calls to support a wobbly stock
market. The announcements followed a joint statement issued late
on Monday by China’s major institutions charged with supervising
financial markets which encouraged listed firms to merge, offer
cash dividends, and buy back shares to support the market.
(Reuters)
Regional
 ANB Insurance receives SAMA’s approval for capital increase – The
Saudi Arabian Monetary Agency (SAMA) has approved Metlife AIG
ANB Cooperative Insurance Company’s (ANB Insurance) request
of $175mn capital increase through rights issue. The company will
comply and complete requested legal processes from other
sources. (Tadawul)
 STC to spend $1bn to cope with data traffic – Saudi Telecom
Company (STC) expects to spend another $1bn in 2H2015 on
enhancing its networks as it tries to meet surging demand for web-
based services. The SR3.9bn outlay repeats STC's capital
expenditure in 1H2015 and lifts 2015 spend to a four-year peak.
(Bloomberg)
 Al Tayyar founder to maintain stake despite resignation – The
founder of Saudi-based Al Tayyar Travel Group, Nasser Bin Aqeel
Al-Tayyar, will retain his stake in the company despite his
resignation. He has resigned from his position on September 1,
2015. He owns 14.57% of the company. This is the second-largest
shareholding following Al Tayyar Real Estate & Tourism
Development Co., which owns 23.3%. (GulfBase.com)
 Arab News: KSA inks key construction contracts – Arab News
reported that Saudi Arabia is planning to construct nine buildings
and various centers for Islamic organizations across the Kingdom
at an estimated cost of SR35mn. As per the deal, new buildings will
be constructed in the south of Badr province, Yadma province and
in Fahd, in addition to a new main building in the Sharourah
governorate. New buildings will also come up in Hawtat Bani
Tamim, Dawadmi, Majmaah, and Abu Bakr in Zulfi. (GulfBase.com)
 Saudi emerges as leading exporter of agriculture & dairy products –
Saudi Arabia has witnessed significant agricultural development
over the last three decades, successfully turning large areas of
desert into agricultural fields. Currently, Saudi is a leading
exporter of a variety of agricultural products including organic
products and olives & oil as well as dairy products, eggs, fish,
poultry, fruits, vegetables, and flowers to markets around the
world. (GulfBase.com)
 CCHI renews GGI license – Gulf General Cooperative Insurance
Company (GGI) has received approval from the Secretary General
of the Council of Cooperative Health Insurance (CCHI) regarding
renewal of its CCHI license, starting from September 1, 2015 for
one year. (Tadawul)
 Commerzbank: UAE banks face risk from weakening liquidity –
Commerzbank has continued to perceive the UAE bank credit risk
as a ‘safe haven’ asset class relative to the broader emerging
markets (EM) banking universe. Safe haven assets are an
investment, which is expected to retain its value or even increase
its value in times of market turbulence. Commerzbank said main
risks for the UAE banks stem from weakening liquidity, rise in
funding costs because of lower oil prices, softening of Dubai’s real
estate market and estimated US Fed rate increase. Commerzbank
added that the UAE banks would be looking to print more AT1
perpetual instruments to shore up their capital bases prior to the
implementation of Basel III standards. (Bloomberg)
 Mubadala Aerospace’s unit Strata expects 15% revenue growth in
2015 – Mubadala Aerospace’s manufacturing unit, Strata
Manufacturing is expecting revenue to grow over 15% in 2015 and
aims to break even in two years’ time. Strata CEO Badr al-Olama
said the company’s revenue will cross AED400mn in 2015. He said
Strata generated revenue of AED346mn in 2014 and has a target of

5. Page 5 of 6
AED1bn by 2020. The company is planning to build a second plant
close to the current Al Ain facility in 2017. (Reuters)
 DSC: Dubai’s non-oil sector stays vibrant – According to the Dubai
Statistics Centre (DSC), Dubai’s economy grew 3.9% with its GDP
rising to AED88.7bn during 1Q2015, spurred by vibrant logistics
and trading activities. DSC Executive Director Arif Obaid Al
Muhairi said that logistics activities played a key role in supporting
the overall growth of Dubai, along with a 3% surge recorded by
the wholesale and retail trade that contributes 26.9% to the GDP.
The number of hotels grew 7.7%, while real estate and business
services posted a 4.4% surge. Dubai’s corporate earnings
expanded 3.7% YoY to $4.1bn in 1H2015, on the back of a strong
banking sector growth. (GulfBase.com)
 DLD: Real estate sales decline in August – According to the Dubai
Land Department (DLD), real estate sales totaled AED4.18bn in
August as compared to AED4.3bn in July 2015, down 6.3% YoY.
During January-August 2015, real estate sales declined 26.7% YTD
to AED40.3bn. On the other hand, mortgage deals rose 9.4% YoY in
August to reach AED5.5bn. (Bloomberg)
 OCL in bid to acquire EPC contract for Egypt’s wind farm along Gulf
of Suez – Orascom Construction Limited (OCL) CEO Osama Bishai
has said that Egyptian Ministry of Electricity is in talks with OCL,
Engie and the Toyota group to build a 250-megawatt wind farm
along Gulf of Suez. He said OCL is a low bidder and is in talks to be
the engineering, procurement and constructor (EPC) contractor,
while Engie is the lowest bidder for another part of the project on
the northern part of the Red Sea. (Bloomberg)
 Ompet signs licensing agreement with BP – Oman International
Petrochemical Industries Company (Ompet) has signed a licensing
agreement with BP. Under the terms of agreement, Ompet will
own a license for BP’s latest purified terephthalic acid (PTA)
technology to build a 1.1mn tons per annum (tpa)-capacity project
in Sohar. The planned facility will produce PTA, the primary
feedstock for polyesters used in the textile and packaging industry.
Ompet is a joint venture of Oman Oil Company, LG International
Corporation and Takamul Investment Company. (GulfBase.com)
 Marubeni, Mitsui & Engie in race for Oman’s mega power project –
Japanese firms Marubeni and Mitsui and France-based Engie have
submitted bids for developing Oman’s biggest gas-fired power
plant, coming up in Ibri and Sohar, with a combined generation
capacity of 2,600 megawatts. The proposed project will have a
combined capital expenditure of $1.5bn. Oman Power and Water
Procurement Company (OPWP) floated a request for the proposal
earlier, seeking potential developers to submit their bids up to
August 2015 for developing the mega power plant within the main
interconnected system (MIS) region, following a pre-qualification
process. According to earlier reports, part of the capacity would go
on stream by 2017, while the full project would be ready by 2018.
(GulfBase.com)
 Zain Bahrain appoints new Marketing Director – Zain Bahrain has
appointed Mr. Roland Lotscher as its new Marketing Director,
effective from September 1, 2015. (Bahrain Bourse)
 Moody’s holds first banking & Islamic finance workshop in Bahrain
– Moody’s Investors Service will hold its first banking and Islamic
finance workshop in Bahrain on September 2, 2015. The workshop
will focus on Bahrain’s banking sector amid low oil prices and
global headwinds. The workshop will also provide Moody’s
assessment of the local operating environment and the credit-
worthiness of banks in Bahrain and the rest of the region.
Moreover, the workshop will further discuss the latest
developments in the Islamic finance sector as well as growth
trends and liquidity management challenges. (GulfBase.com)

6. 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
Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or
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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
Sep-11 Sep-12 Sep-13 Sep-14 Sep-15
QSE Index S&P Pan Arab S&P GCC
(1.1%)
(1.3%)
(0.4%)
(0.0%)
(1.1%)
(2.6%)
(2.1%)
(3.0%)
(2.5%)
(2.0%)
(1.5%)
(1.0%)
(0.5%)
0.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,140.28 0.5 0.6 (3.8) MSCI World Index 1,600.71 (2.7) (3.5) (6.4)
Silver/Ounce 14.62 (0.1) 0.1 (6.9) DJ Industrial 16,058.35 (2.8) (3.5) (9.9)
Crude Oil (Brent)/Barrel (FM
Future)
49.56 (8.5) (1.0) (13.6) S&P 500 1,913.85 (3.0) (3.8) (7.0)
Crude Oil (WTI)/Barrel (FM
Future)
45.41 (7.7) 0.4 (14.8) NASDAQ 100 4,636.11 (2.9) (4.0) (2.1)
Natural Gas (Henry
Hub)/MMBtu
2.75 2.5 3.4 (8.3) STOXX 600 352.89 (2.1) (2.1) (4.0)
LPG Propane (Arab Gulf)/Ton 41.75 (3.7) 3.1 (14.8) DAX 10,015.57 (1.8) (2.0) (5.3)
LPG Butane (Arab Gulf)/Ton 53.00 (4.5) 2.7 (15.5) FTSE 100 6,058.54 (3.5) (3.5) (9.3)
Euro 1.13 0.9 1.2 (6.5) CAC 40 4,541.16 (1.8) (2.1) (1.0)
Yen 119.37 (1.5) (1.9) (0.3) Nikkei 18,165.69 (2.7) (3.8) 3.8
GBP 1.53 (0.3) (0.6) (1.8) MSCI EM 801.11 (2.2) (2.3) (16.2)
CHF 1.04 0.9 0.4 3.7 SHANGHAI SE Composite 3,166.62 (1.0) (1.7) (4.6)
AUD 0.70 (1.3) (2.1) (14.1) HANG SENG 21,185.43 (2.2) (2.0) (10.2)
USD Index 95.45 (0.4) (0.7) 5.7 BSE SENSEX 25,696.44 (2.2) (2.9) (11.0)
RUB 66.67 3.8 2.2 9.8 Bovespa 45,477.06 (3.6) (5.9) (34.5)
BRL 0.27 (2.2) (3.3) (28.4) RTS 805.06 (3.4) (3.0) 1.8
136.7
115.4
111.0